Consumer stocks declined as inflation remained sticky and oil prices edged higher.
McCormick & Co. reported higher sales in its fiscal second quarter, as it continues work to combine with Unilever's food business. The maker of spices and seasonings on Thursday posted net income of $150.1 million, or 56 cents a share, for its three months ended May 31, compared with $175 million, or 65 cents a share, a year earlier.
Darden Restaurants reported higher profit and sales in its fiscal fourth quarter, once again led by its LongHorn Steakhouse brand, though the company expects growth to slow over the coming year. The quarterly readout came as Darden's board authorized a $1.5 million share-repurchase program. The new program doesn't have an expiration date and replaces the company's previously existing buyback plan.
Wendy's shares surged another 15% Thursday morning, in what appeared to be a short squeeze of the restaurant chain's stock. But then the stock promptly turned lower, losing all of the day's gains, which had built on a 26% jump Wednesday.
Sonos laid off 3% of its staff, with the cuts focused on the audio company's design and product management teams.
