Consumer Stocks Slide on Rate Concerns — Consumer Roundup
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Dow Jones
Consumer shares fell with worries that a lack of rate cuts will reduce spending power.
The Consumer Discretionary Select Sector SPDR fund fell 0.9%.
Earnings did help individual names as L'Oreal shares rose 0.9% on Friday after the French Cosmetics giant posted higher sales for its first quarter late Thursday. L'Oreal reported sales of EUR11.24 billion ($11.96 billion) for the three months to the end of March, rising 8.3% in reported terms and 9.4% on a like-for-like basis.
D.R. Horton fell for a third straight week as mortgage rates topped 7%.
Write to Patrick Sullivan at patrick.sullivan@wsj.com
(END) Dow Jones Newswires
April 19, 2024 17:59 ET (21:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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