Consumer Confidence Buoys Stocks — Consumer Roundup
Consumer-oriented stocks gained as the University of Michigan's consumer-confidence index ticked higher for the third month in a row, cementing a recent upswing in confidence as inflation continues to ease. The preliminary reading of the University of Michigan's consumer-confidence index climbed to 79.6 points in February, just below economists' expectations of 80.
Shares of Texas Roadhouse rose after the restaurant operator reported higher same-store sales for the fourth quarter and lowered its expectations for cattle inflation this year.
Earnings sank shares of TreeHouse Foods after the food maker's fourth-quarter sales and 2024 revenue outlook missed analyst forecasts.
Nike, the maker of Air Jordan basketball shoes, is eliminating more than 1,600 jobs, or some 2% of its workforce. The stock fell 2.4%.
Write to Mary de Wet at mary.dewet@dowjones.com
(END) Dow Jones Newswires
February 16, 2024 16:53 ET (21:53 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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