Retailers and other consumer companies fell after another weak reading from the housing market.
The S&P CoreLogic Case-Shiller National Home Price Index, which measures average home prices in major metropolitan areas across the nation, fell 1% in September from August, the third straight month-over-month decline.
Home prices declined in September from the prior month as higher interest rates discouraged buyers.
"Eventually, there will be more housing demand than housing supply and eventually people will buy houses even if mortgage rates are 6% or 7%," said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital. "It may take six months to a year for people to reset expectations on what they're able to buy, but they will buy."
Hibbett shares fell after the sportswear chain posted quarterly earnings and sales short of Wall Street targets.
Department-store chain Macy's said it's bringing outposts of accessories store Claire's to 21 locations, as it seeks to appeal to teenage girls.
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(END) Dow Jones Newswires
November 29, 2022 17:24 ET (22:24 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.