Consumer companies rose as strong earnings offset surprising softness in a tally of holiday-season sales.
U.S. retail sales were flat in December, contrary to economist forecasts of 0.4% growth.
Coca-Cola slipped after the beverage giant acknowledged that consumers were feeling the pinch, and said it did not have any plans for major price adjustments.
Discounter Target will lay off about 500 employees as part of new Chief Executive Michael Fiddelke's efforts to overhaul the company.
One strategist said a U.S. trend where higher income households are seeing fortunes improve while lower income Americans are struggling to keep up with inflation appears to be worsening.
"Lately, we've talked a lot about a 'K-shape' in consumer spending, but we're also seeing a clear 'K' in wage growth," said strategists at Bank of America Institute, in a note to clients.
Wage growth in higher income households is far outpacing that in lower and middle income households, the strategists said.
The parent of Saks Fifth Avenue and Neiman Marcus plans to close nine department stores as part of an initial review in the luxury retailer's chapter 11 restructuring proceedings.
Shares of Kering surged after the Gucci parent's fourth-quarter sales suggested the luxury brand had regained its luster.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-10-26 1730ET
