Consumer companies rose after a generally strong round of earnings.
Shares of department stores rose in sympathy with Macy's, which posted fiscal first-quarter sales dipped from a year ago, but earnings barreled through Wall Street's expectations as the company's turnaround plan starts "gaining traction."
Shares of Lowe's Cos rose after the home-improvement retailer posted better-than-expected fiscal first-quarter earnings despite a decline in big-ticket sales.
Shares of rival Home Depot slipped. AutoZone shares fell after the auto-parts retailer posted sales growth shy of Wall Street targets.
The Federal Reserve said 72% of respondents to its annual survey of financial well-being said they were "doing at least OK" in 2023, down from 78% in 2021, when households were flush with cash from pandemic stimulus checks.
"I think the risk is that consumer spending gets tapped out, just because the jobs market's been so good for so long and inflation starts to weigh on the consumer which accounts for two thirds of our economy," said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital.
Shares of Children's Place fell after the purveyor of kids' clothes said longtime Chief Executive Jane Elfers left the company under a "mutual agreement."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-21-24 1751ET
