Communications Services Slip on Retreat From Consumer Sectors -- Communications Services Roundup

Published: 2026-04-29 17:37:02 ET SPOT

Published on 04/29/2026 at 05:37 pm EDT

Communications services slipped as traders retreated from consumer-oriented sectors due to the ongoing spike in oil futures.

Federal Reserve Chairman Jerome Powell warned that stubbornly high gas prices would likely crimp consumer spending in other categories. Further, Powell noted, oil prices, a leading indicator of gasoline prices, have not even peaked yet.

Universal Music Group shares rose after the record label, home to Lady Gaga, Taylor Swift and others, posted robust revenue growth from subscriptions and streaming for the first quarter. Universal said it would channel part of its Spotify stake into a larger buyback program.

Write to Rob Curran at [email protected]

(END) Dow Jones Newswires

04-29-26 1735ET