Shares of retailers and other consumer-services companies ticked down amid concerns about the outlook for off-Internet holiday spending. Wal-Mart Stores Inc., the world's largest retailer by sales, said it will shorten its legal name to Walmart Inc., in a move that reflects its two-fronted war against increasingly powerful competitor Amazon.com.
In a good sign for Friday's Labor Department report, a survey from payroll processor Automatic Data Processing and credit firm Moody's Analytics estimated that private employers across the country added 190,000 workers to their ranks in November.
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One brokerage said the housing market has room to run, even after a strong couple of years for home prices. "We estimate there are five years left in the cyclical housing recovery with industry growth averaging about 10% compound-annual-growth-rate through 2022 (slower growth would stretch out the length of recovery and vice versa)," said analysts at brokerage Nomura Securities, in a research note. "We expect housing activity will match our definition of normalized long-term housing demand of about 1.4 million units in 2018 and then follow with a typical overshoot to counterbalance the nearly 2 million home shortfall produced during the post-downturn credit crunch."
Retail giant Steinhoff International Holdings, which owns American mattress brand Sleepy's and a string of chains across Europe, said its chief executive has resigned amid an investigation into accounting irregularities.
-Rob Curran, email@example.com
(END) Dow Jones Newswires
December 06, 2017 16:39 ET (21:39 GMT)