Consumer Cos Jump on Strong Jobs Data -- Consumer Roundup

Consumer companies rallied after strong jobs data.

Investors are trying to ascertain whether the jobs market is in modest expansion mode, or overheating to the extent that it's increasing the risk of further inflation.

"Since most of the job gains were in sectors with lower paying jobs, this report is not necessarily giving markets an inflationary signal," said Jeffrey Roach, chief economist at brokerage LPL Financial.

Chain stores that specialize in staple and snack foods such as Costco Wholesale and Walmart declined, hurt, in part, by fears that the rapidly growing sales of weight-loss drugs such as Ozempic would hurt demand for processed foods of all kinds.

Fast-fashion giant Shein said former Softbank executive Marcelo Claure would take over the company's global growth initiatives and attempts to diversify its supply chain beyond China, serving as group vice chairman.

Shares of casino chain MGM Resorts International rose a day after the company said it has enough cybersecurity insurance to cover losses from a hacker attack.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

10-06-23 1721ET