Retailers and other consumer companies fell as traders anticipated a prolonged era of rising interest rates and slowing growth.
Barnes & Noble Education tumbled after the college bookstore chain logged a decrease in quarterly profit. One brokerage warned that consumer inflation was still a pressing matter, even as core price increases appear to have peaked. "We expect the boost from commodity prices to year-on-year core PCE inflation to decline only modestly by year-end before falling more meaningfully next year," said analysts at brokerage Goldman Sachs Group, in a note to clients. "We expect higher agricultural commodities prices to keep food price inflation elevated."
Prada designated former LVMH Moët Hennessy Louis Vuitton executive Andrea Guerra as its next chief executive, setting in motion a long-awaited succession that scales back the role of Miuccia Prada and her husband, Patrizio Bertelli.
AutoZone posted higher sales for the fiscal first quarter, as Americans continued to invest in their vehicles as a multiyear surge in new-car prices began to show signs of cooling.
Shares of Conn's rose after the furniture rental concern posted earnings ahead of investors' expectations.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-06-22 1724ET
