Consumer companies fell sharply after Federal Reserve Chairman Jerome Powell dashed hopes for an imminent rate cut.
Hopes for a March cut had pulled mortgage rates down to multimonth lows.
German sneaker-maker Adidas said its revenue and operating profit last year exceeded expectations, helped by a decision not to write off most of its Yeezy inventory.
H&M Hennes & Mauritz has unexpectedly replaced its chief executive as the fast-fashion giant seeks to revive its fortunes after several years of stagnant growth and nonstop crises.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-31-24 1728ET
