Consumer companies fell amid concerns about rising fuel prices and interest rates.
The U.S. consumer has ridden out energy inflation so far, but the ripple effects could still take their toll, said one strategist.
"You can't put your head in sand and forget about all the other costs associated with higher fuel costs," said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management. "It's not just fertilizer...it's every single thing delivered by every retailer in the country."
The U.S. Global Jets exchange-traded fund, a basket of major airlines, fell almost 3%, but remains 10% higher for the year to date. Delta Air Lines and other major carriers have indicated that U.S. customers, so far, continue to splurge on flights despite rising prices.
Fast-fashion retailer Shein has cleared a key hurdle for its long-awaited Hong Kong initial public offering, winning Chinese approval for a deal that could see it valued at more than $40 billion.
