Retailers and other consumer companies rallied as traders bet the sector would benefit from a peak in inflation and interest rates.
Shares of Amazon.com fell in after-hours trading after the online megastore warned that first-quarter operating income would fall short of analyst targets.
Hanesbrands lost nearly a quarter of its market value after the maker of underwear eliminated its dividend to shore up its balance sheet as sales continue to slump.
Bed Bath & Beyond failed to make interest payments on its bonds just weeks after the company warned it was considering filing for bankruptcy, yet the stock is surging higher.
U.S. applications for unemployment benefits declined slightly last week to their lowest level since April 2022, showing the labor market broadly remains tight as several companies announce job cuts.
Cosmetics giant Estée Lauder said Covid-19 lockdowns in China weighed on fourth-quarter sales.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-02-23 1709ET
