Consumer Cos Up After Inflation Data -- Consumer Roundup

Consumer companies rose after inflation data increased the chances of a Federal Reserve rate cut this fall.

"Investors are interested in taking more risk as the so-called soft landing looks more likely," said Jeffrey Roach, chief economist at brokerage LPL Financial. "We have an economy with low unemployment with rising wages, decelerating inflation, and a Fed on the cusp of cutting rates."

EssilorLuxottica shares rose after the eyewear giant said Google and other big technology companies showed interest in exploring partnerships after its tie-up with Meta Platforms to make Ray-Ban smart glasses.

Shares of Colgate-Palmolive rose after the consumer products giant topped quarterly estimates and raised its financial guidance.

The second and final reading of the University of Michigan's consumer sentiment index in July rose slightly to 66.4 from a preliminary 66.0 earlier in the month, remaining at its lowest mark since the winter as consumers continue to feel the pinch from elevated inflation and interest rates.

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(END) Dow Jones Newswires

07-26-24 1739ET