Consumer Sector Update for 01/24/2023: WMT,LGMK,MGA,MG.TO,PCAR
Consumer stocks were ending narrowly mixed during Tuesday trading following early sluggishness after 3M (MMM) announced plans to cut around 2,500 jobs, citing slumping consumer demand. At last look, the Consumer Staples Select Sector SPDR Fund (XLP) was climbing 0.4% and the Consumer Discretionary Select Sector SPDR Fund (XLY) was sinking 0.2%.
In company news, Walmart (WMT) added 0.3% on Tuesday after the retailer said it is raising employee wages starting next month, with average pay for Walmart employees climbing to more than $17.50 per hour. The pay bump will be seen beginning with March 2 paychecks, the company said.
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