Shares of retailers and other consumer companies ticked down as strong weekly employment-market data failed to assuage worries about Friday's August jobs report and the outlook for inflation.
The ongoing spread of Covid-19 has caused trepidation about the likely pace of the reopening and growth outlook for the U.S. economy, said one strategist. "A big question mark is children, as everyone wants to know how eager parents are to let their younger children be vaccinated once they're eligible," said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group.
"There's this fear that, if you do see classrooms reopen and there is significant spread, you're going to see closures again. We're going to have to continue to adjust to how Covid impacts our daily routines."
Walmart, one of the largest U.S. employers, said it will raise pay for hundreds of thousands of its U.S. store workers as a tight labor market continues to create fierce competition for staff. Wage growth is set to continue marching higher as a mismatch between employers' needs and workers' skills festers, said Mr. Moya.
Pop artist Jessica Simpson and her family are negotiating a possible deal to buy back a majority interest in her apparel brand from Sequential Brands Group, the bankrupt consumer licensing business.
Investment firm Leonard Green & Partners, which owns companies that include retailers Jo-Ann Stores and 1-800 Contacts, is gearing up to raise more funds.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-02-21 1713ET
