Consumer companies were flat as traders digested the implications of the Federal Reserve's surprising shift to a more hawkish tone.

Fed Chairman Jerome Powell cited the resilience of the U.S. labor market and economy as one reason the central bank was reconsidering its rate-cutting plans.

Lennar shares fell after the home builder's earnings report revealed the toll taken by lower-rate loans and other incentives designed to keep homes moving despite a spike in mortgage rates.

Swiss watches of all prices fell in November, according to retail-oriented brokerage Telsey Advisory Group. The biggest price drop was in mid-range watches, the Telsey analysts said. Watches priced above ?3,000 slipped 0.9%. Surprising sales strength for luxury consignment Web site The RealReal suggest that demand for some premium retail products remains strong, even as high-end shoppers seek more bargains.

Dollar Tree named Michael Creedon Jr. as the discount retailer's permanent chief executive, removing the interim tag he has carried since former chief Rick Dreiling left due to health reasons in November.

Food processor Conagra Brands, which packages food such as Slim Jim meat snacks and Birds Eye vegetables - hiked its inflation outlook, in a fresh sign of higher-for-longer prices eating into the bottom line of corporations and consumers.

Soho House received a takeover offer that values the operator of swanky clubs at more than $1.7 billion, a spark of interest after its properties have been losing cachet with the affluent crowd they target.

Sneaker maker Nike fell ahead of its earnings report.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

12-19-24 1824ET