Consumer shares fell with worries that a lack of rate cuts will reduce spending power.

The Consumer Discretionary Select Sector SPDR fund fell 0.9%.

Earnings did help individual names as L'Oreal shares rose 0.9% on Friday after the French Cosmetics giant posted higher sales for its first quarter late Thursday. L'Oreal reported sales of EUR11.24 billion ($11.96 billion) for the three months to the end of March, rising 8.3% in reported terms and 9.4% on a like-for-like basis.

D.R. Horton fell for a third straight week as mortgage rates topped 7%.


Write to Patrick Sullivan at patrick.sullivan@wsj.com

(END) Dow Jones Newswires

04-19-24 1759ET