Shares of retailers and other consumer-services companies rose, but not by as much as the broad market, after further signs that auto sales have peaked. General Motors posted a 15% sales decline in July while Ford Motor's sales slid 7.4% in the same period. Low gas prices have reduced demand for smaller cars, which are piling up on dealers' lots. The prices of luxury handbags -- a particularly intense area of competition -- have held steady in recent weeks, according to one brokerage. "This past weekend's Macy's 10/15/20% off sale once again excluded" Coach, its soon-to-be acquired Kate Spade line and bags from rival Michael Kors, said analysts at brokerage Nomura Securities, in a research note.
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(END) Dow Jones Newswires
August 01, 2017 16:18 ET (20:18 GMT)