Consumer companies fell amid signs that retail sales growth is slowing.
Consumer spending rose 0.2% in October, down sharply from a 0.7% rise in September, the Commerce Department said.
The data was the latest sign of the toll rising interest rates, stubbornly high inflation and muted wage growth are taking on U.S. shoppers and home buyers.
Customer foot traffic at electronics retailers rose more than sixfold on Black Friday, compared to the daily year-to-date average for 2023, according to a survey from research firm PlacerAI.
One brokerage said discount grocery stores could see improved growth if the economic slowdown continues.
“Across 15 top food retail markets, average growth of +15% for discounters in economic downturn years exceeded the average 11% growth in other years,” said analysts at brokerage Morgan Stanley, in a note to clients.
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