Retailers and other consumer companies fell as loss in consumer discretionary stocks outweighed slight gains for consumer staples shares.

U.S. private-sector employment jumped by 324,000 in July, payroll processor ADP said, as businesses hired more workers to keep up with rising demand for services such as travel, fine dining and recreation.

Kraft Heinz, the maker of products such as Jell-O and Maxwell House coffee, beat second-quarter earnings expectations but fell short on revenue.

Starbucks reported record sales from its cold espresso and other elaborate coffee drinks, but the coffee chain said that employee wage increases and investments in its cafes dragged down its profit.

Elf Beauty shares rallied 14% after the beauty products maker beat Wall Street expectations for its fiscal first quarter and raised guidance as its quarterly revenue jumped more than 75%.

The United Auto Workers union is amplifying calls for wage increases and job security, and President Shawn Fain says it shouldn't matter that the car companies are facing an expensive transition to electric vehicles.

The UAW leader in recent weeks has hardened his stance with General Motors, Ford Motor and Jeep-maker Stellantis as labor talks in Detroit get under way.

At an event in Tokyo on Wednesday, Toyota showed off a new Land Cruiser, reminiscent of boxy pre-2000s versions of the sport-utility vehicle. The company said it plans to bring the new vehicle to the U.S. next year, two years after discontinuing the Land Cruiser in that market.


Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

08-02-23 1716ET