Retailers and other consumer companies moved lower as losses in consumer discretionary stocks outweighed the relative safety of consumer staples shares.
Investors are trying to ascertain how resilient both consumers and businesses are to price pressures and high borrowing costs.
Data Wednesday showed U.S. retail sales rose strongly in October, up 1.3% from the prior month. Economists polled by The Wall Street Journal had expected a 1.2% increase.
Quarterly updates from U.S. retailers have offered a more equivocal picture. Target said its shoppers pulled back in the latest quarter amid a worsening economic outlook. Shares fell 13% on the day.
That contrasted with more upbeat results from Lowe's, which reported stronger-than-expected sales and raised future expectations, boosted by home-improvement spending.
The former chief executive of Domino's Pizza is joining Burger King-parent Restaurant Brands International as its executive chairman, and will take a stake in the company as it seeks to improve its operations.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
11-16-22 1658ET
