Consumer companies fell after weak earnings from one major homebuilder.
Shares of D.R. Horton slid after the homebuilder warned that volatile mortgage rates and higher incentives on new home sales were eating into margins. The SPDR S&P Homebuilders exchange-traded fund slid more than 3% amid fears that D.R. Horton's woes would afflict the whole sub sector.
Food processors and consumer-staples firms rose after the largest -- Procter & Gamble -- said it was passing on higher prices to consumers. Shoppers stepped up the volume of items purchased in some categories such as hair-care, even at higher price levels. Rival Conagra Brands rose after it licensed the name of country music icon Dolly Parton for lines of food and snacks.
The union representing Southwest Airlines flight attendants, TWU Local 556, authorized a strike against the airline.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-23-24 1733ET
