Consumer companies surged after a fall in weekly jobless claims quelled concerns about a potential recession.
New weekly claims fell by 17,000 to 233,000, reversing the gains a week earlier that had stoked a flight from cyclical sectors on the stock market, including the consumer-discretionary industry group.
The SPDR Homebuilder exchange-traded fund, a basket of the largest builders, rose by more than 2% but remain more than 10% below their July highs. The stock market has received mixed messages, with some weak industrial and labor-market data and warnings of soft demand from key companies -- such as Airbnb and Walt Disney -- offset by stronger earnings and economic data elsewhere.
Warby Parker shares rallied after the eye wear company reported a narrower second-quarter loss as its revenue beat analyst estimates on higher gross margins.
Shares of Under Armour rallied after the athletic apparel firm posted fiscal first-quarter earnings ahead of Wall Street expectations.
Restaurant Brands International shares fell after the operator of fast-food restaurants Burger King, Tim Hortons and Popeyes, posted weaker-than-expected second-quarter revenue as consumers remain pressured.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
08-08-24 1816ET
