Consumer Cos Down as Walmart Gain Seen as Luxury Firms' Pain — Consumer Roundup
Provided by
Dow Jones
Consumer companies fell as a boom in discounters was seen as coming at the expense of luxury chains.
Walmart shares surged as the world's largest retailer by volume said same-store sales surged 3.8% in the fiscal first quarter as stubbornly high prices increased the appeal of its discounted offerings.
The pace of home construction accelerated as builders try to meet pent-up home-buying demand as mortgage rates are poised to fall over the coming months.
Shares of GameStop tumbled as a surge in meme stocks, including the videogame store chain, faltered.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
May 16, 2024 17:50 ET (21:50 GMT)
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