Consumer Stocks Fall, Led by Consumer Discretionary Stocks – Consumer Roundup

Stocks of retailers and other consumer companies were weaker, led by consumer discretionary stocks, while consumer staples stocks outperformed the broader market.

“People need deodorant, paper towels and cereal even when they need to cut back,” said Ryan Belanger, chief executive of Claro Advisors, a Boston-based wealth management firm.

U.S. auto safety regulators have stepped up their investigation into emergency scene crashes involving Tesla’s Autopilot, a critical step in determining whether to order a safety recall. The National Highway Traffic Safety Administration said it was expanding an investigation it began last August into a series of crashes in which Tesla vehicles using Autopilot struck first aid vehicles stopped for traffic emergencies. NHTSA also said it has expanded its review of Autopilot to include a wider range of crashes, not just those at emergency scenes.

Meanwhile, lawmakers in the European Parliament on Wednesday approved a plan to cut greenhouse gas emissions that includes a proposal to ban the sale of new cars running on conventional engines after 2035. This is putting further pressure on automakers and suppliers to accelerate a shift more have already switched from conventional cars to electric vehicles.

Target raised its quarterly dividend by 20%, just days after the retailer cut its outlook as high inventories weighed on its earnings.

A group of Trader Joe’s employees in Massachusetts have filed a petition with a federal agency to hold a union election, joining other American workers who are organizing to demand higher wages and better benefits.

 Write to Amy Pessetto at [email protected] 

(END) Dow Jones Newswire

06-09-22 1734ET

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