Consumer companies fell sharply after mixed earnings.
Shares of Southwest Airlines slid to a more-than nine-year low after the air carrier reported third-quarter revenue and load factor that missed forecasts, as last-minute bookings disappointed.
Hertz Group shares slid after the rental-car chain warned that volatile prices of Tesla cars and elevated repair costs related to electrifying its fleet of cars were causing unforeseen complications. Hertz warned Tesla’s price cuts have lowered the value of its electric fleet by about a third.
Altria Group shares slid after the maker of Marlboro cigarettes narrowed its growth projection for the year.
Tractor Supply shares fell sharply after the retail chain warned that weather trends in October weighed on sales.
Pending home sales, an index tracking contract signings for existing homes, increased slightly in September, the National Association of Realtors said.
Write to Rob Curran at [email protected]
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