Retailers and other consumer companies fell amid concerns about rising costs.
Walmart shares were flat after the nation's largest employer said it would boost hourly wages for U.S. workers by $2 to $14 an hour, closer to levels paid by rivals such as Target and Amazon.com.
Deep discounter Dollar Tree said it would replace Chief Executive Michael Witynski with the former head of rival Dollar General, Richard Dreiling.
One brokerage said there were signs that the housing market is set to rebound. "Following an almost 20% contraction in residential fixed investment in 2022, the sharpest declines for the U.S. housing market are now behind us," said economists at brokerage Goldman Sachs Group, in a note to clients.
"Mortgage purchase applications have averaged 9% above their October trough so far in January and survey-based measures of purchasing intentions have rebounded sharply."
Shares of Sotherly Hotels rose sharply as it reinstated quarterly preferred stock dividends, which it said was facilitated by a recovery in its business.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-24-23 1727ET
