Shares of retailers and other consumer companies moved lower with consumer discretionary shares leading decliners.
Middle-income households in 2022 have seen inflation eat into a greater share of their incomes compared with low- and high-income households, according to a report released by the nonpartisan Congressional Budget Office.
Annual inflation has hovered in recent months above 8%, the highest levels in roughly 40 years, with sharp price increases for a range of items, including staples such as food, shelter and gas.
Ford has delayed deliveries of certain vehicles because it didn't have the blue oval badges that go on them, in another example of how supply-chain challenges have hit auto makers.
Meanwhile, Tesla has countersued the California agency that filed a racial discrimination lawsuit against the company, alleging that the government organization violated state law in bringing about the suit. The electric-vehicle maker said the California Civil Rights Department violated state rules by filing the lawsuit without seeking public comment or holding a public hearing.
The original lawsuit brought by the California regulatory agency in February alleged that Tesla for years ignored complaints from Black factory workers at its Fremont plant. Tesla rejected those assertions and pushed back against the investigation in a blog post before the lawsuit was formally filed.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
09-23-22 1644ET
