Consumer sentiment remains near record lows, according to the University of Michigan’s October survey, reflecting deep-seated anxiety over the cost of living. This climate has hit luxury firms particularly hard; Kering, the parent company of Gucci, saw its shares drop over 10%. The stock has now shed more than 40% of its value this year as the brand struggles to reignite sales growth.

Home builders also faced renewed selling pressure. Analysts at Raymond James highlighted that conditions deteriorated throughout October, citing mid-7% mortgage rates alongside rising fuel costs. However, the brokerage noted that PulteGroup remains a notable exception. Its shares climbed as the company’s diverse geographic footprint and customer base provided a cushion against broader market volatility. Meanwhile, Deckers Outdoors struggled to meet Wall Street expectations, with the Uggs manufacturer seeing its shares fall after reporting revenue that missed analyst targets.