The divergence could mean a slowdown in wage growth, or hiring itself, and could curtail spending, which has been robust despite low consumer confidence.

Activist investor Carl Icahn lost his proxy fight with McDonald’s on Thursday, signaling that shareholders weren’t swayed by his animal-welfare concerns.

Macy’s reaffirmed its fiscal 2022 sales outlook and raised its profit guidance, expecting stronger credit card revenue for the remainder of the year.