Consumer companies fell due to concerns about rising oil prices.
Oil futures rose by more than 6%, triggering concerns about the impact on discretionary spending. "That's geopolitical," said Oliver Pursche, senior vice president at financial advisory Wealthspire. "Iran or President Trump do something bad and oil prices spike. They sit down and play nice and oil prices drop and I don't think that dynamic is going to change."
Consumer stocks initially gained after the Federal Reserve kept rates unchanged. But the level of dissent and comments from Fed Chair Kevin Warsh pushed up Treasury yields. That, in turn, caused concerns about mortgage rates and weighed on homebuilder stocks.
Shares of VF Corp. fell as weakness in sales of the clothing firm's Van's skatewear brand offset strength in other brands such as North Face.
Procter & Gamble shares fell after the maker of Tide laundry detergent and other household staples logged a decline in second-quarter profit.
