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Consumer stocks tumble on weak earnings; US jobs data and Iran tensions add market uncertainty

Market News
08 May 2026
CNBC
View Source
Bearish
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Shares of consumer companies like Planet Fitness, Shake Shack, and Whirlpool fell sharply after disappointing earnings and cautious consumer outlooks, dragging the S&P 500 off record highs. Investors await April's US jobs report, expected to show a slowdown in hiring, which could cause market volatility. Meanwhile, renewed hostilities between the US and Iran in the Strait of Hormuz threaten the fragile ceasefire and keep oil markets on edge. Cloudflare also announced significant layoffs despite beating earnings, citing AI-driven changes in workforce needs. Used car prices fell in April for the first time this year, offering some relief to buyers amid rising energy costs.

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