Consumer Cos Rally as Target, TJ Maxx Sales Strong — Consumer Roundup

Consumer companies rallied as retailers indicated that consumers were clamoring for discounted goods, even as they stepped back from full-price shopping.

Employers might have added 818,000 fewer jobs in the 12 months through March, the Labor Department said, amending previous monthly tallies.

Target shares rose sharply after it said price cuts helped it snap a streak of sales, while discounter T.J. Maxx continued its string of sales gains. In contrast, department store chain Macy's reported another quarter of shrinking sales, signs that U.S. shoppers are being cautious with their money.

Tobacco processor Vector Group said it has agreed to be acquired by Japan-based tobacco giant JT Group in a deal worth $2.4 billion.

China said it has opened an antisubsidy probe into dairy products imported from the European Union, the latest in a tit-for-tat round of actions between the two increasingly hostile trading powers.

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

August 21, 2024 18:02 ET (22:02 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.