Consumer Sector Slumps as Inflation Concerns Weigh on Market

McCormick & Co. saw its fiscal second-quarter net income dip to $150.1 million, or 56 cents a share, down from $175 million during the same period last year. The spice manufacturer continues to navigate its integration with Unilever’s food business. Meanwhile, Darden Restaurants reported a profit increase driven by the LongHorn Steakhouse brand, though management signaled a cooling growth outlook. The board responded by authorizing a $1.5 billion share-repurchase program to replace its existing plan.

Elsewhere, volatility dominated the restaurant space. Wendy’s shares experienced a wild 15% morning surge, likely fueled by a short squeeze, before the stock erased all gains by the closing bell. The company had previously seen a 26% jump on Wednesday. In the technology segment, Sonos confirmed a 3% workforce reduction, specifically targeting its design and product management departments as the audio firm adjusts its operational footprint.