Consumer companies slipped as oil futures rebounded.
Delta Air Lines shares fell ahead of earnings later in the week. "Delta should continue to do well because they cater to the upper-end consumer," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. The "wealth effect" of rising stock and property prices is perpetuating a "k-shaped recovery," Joyce said, even as most American consumers struggle to pay bills. "One would assume businesses but also upper-end individuals are flush with cash," Joyce said.
Walmart said it was cutting prices on thousands of items, including beef and Coca Cola packages, to help customers with affordability after years of inflation.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
