Consumer Companies Rally after Strong Jobs Data

by Warren Seah

Investors in the consumer sector are buoyed by the latest jobs data, but are cautious about potential overheating in the market that could lead to inflation. This report suggests that the majority of job gains belong to low-paying sectors, indicating that inflation may not be a significant concern at this point, according to Jeffrey Roach, chief economist at brokerage LPL Financial.

Concerns Impact Chain Stores

However, chain stores specializing in staple and snack foods, such as Costco Wholesale and Walmart, experienced declines. Worries stemming from the increasing popularity of weight-loss drugs like Ozempic are dampening demand for processed foods of all kinds.

Shein Appoints Marcelo Claure

Fast-fashion giant Shein has announced that Marcelo Claure, former Softbank executive, will oversee the company’s global growth initiatives and diversify its supply chain beyond China. Claure will serve as Shein’s group vice chairman.

MGM Resorts International Boosted by Cybersecurity Insurance

MGM Resorts International witnessed a rise in its shares after revealing its substantial cybersecurity insurance coverage that can protect against potential losses from hacker attacks.

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