Shares of retailers and other consumer companies fell after a spike in oil prices further stoked inflation worries.
The U.S. Global Jets exchange-traded fund, which tracks a basket of airline stocks, fell sharply as oil futures topped $63 a barrel for the first time in almost two years.
In another negative development for the services economy, the average 30-year mortgage rate topped 3% for the first time since July.
In one lingering sign of market instability, shares of videogame store chain GameStop rose sharply, trading at around $140 mid session, more than ten times their value at the turn of the year.
Fabric and craft retailer Joann plans to sell 5.47 million shares at between $15 and $17 apiece in its initial public offering. The plan follows the sale of rival Michaels, which agreed to a $3.3 billion buyout from investment firm Apollo Global Management.
The maker of Peeled Snacks brand crisps and dried fruit snacks has filed for bankruptcy, saying the significant drop in foot traffic during the Covid-19 pandemic at airports, hotels and schools has taken a bite out of business.
Gap executives said consumers are eager to buy the kinds of more expensive apparel that they have been able to forgo during much of the Covid-19 pandemic, predicting a rebound in sales in the second half of the year after a difficult 2020.
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(END) Dow Jones Newswires