Consumer companies fell sharply amid doubts about the labor market, U.S. elections and the key holiday shopping season.
Shares of beauty giant Estee Lauder plunged by almost one fifth after it slashed its dividend by nearly half and pulled its financial targets for the current fiscal year following weak sales.
It could be a bleak holiday season for department stores that have struggled to provide consumers with the value they're looking for, but discounters such as T.J. Maxx, Ross Dress for Less and Burlington anticipate higher foot traffic in November and December, analysts predicted.
Peloton Interactive appointed Peter Stern as its chief executive following a months-long search for a new leader to reverse its string of losses.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-31-24 1748ET