Shares of retailers and other consumer companies were lower as consumer discretionary shares led decliners.
Consumers are still splurging on Ralph Lauren polos and Jimmy Choo shoes, helping those brands buck the inventory troubles and spending shifts that have tripped up other retailers this year.
Ralph Lauren said Tuesday that revenue rose 8% in its first quarter and is on track to rise about 11% for its fiscal second quarter.
Capri Holdings, which owns Versace and Jimmy Choo as well as Michael Kors, said quarterly revenue rose 8.5%, despite declines in China, a key market.
Two other retailers, sneaker brand Allbirds and mall chain Signet Jewelers, warned that high inflation was pinching U.S. consumers. Shares of Allbirds fell nearly 20%, and Signet dropped 13%, Tuesday after the two companies lowered financial targets for the year.
Ford's new all-electric truck is getting a price increase fewer than four months after it started shipping to dealerships for the first time. The Dearborn, Mich., auto maker said it plans to reopen the order bank for its new F-150 Lightning truck this week and will raise prices between 7% and 18% for many configurations.
Shares of Norwegian Cruise Line Holdings fell sharply after the cruise company predicted it would continue to be unprofitable in the third quarter. Hyatt Hotels joined rivals Marriott and Hilton in reporting a solid quarter, sending its shares higher.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
08-09-22 1707ET
