<div id="readability-page-1"><div> <p>Communications services slipped as traders retreated from consumer-oriented sectors due to the ongoing spike in oil futures.</p> <p>   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. </p> <p>   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. </p> <pre></pre> <p>   Write to Rob Curran at rob.curran@dowjones.com </p> <p>   (END) Dow Jones Newswires</p> <p>   April 29, 2026 17:35 ET (21:35 GMT)</p><p>Copyright (c) 2026 Dow Jones &amp; Company, Inc.</p></div></div>

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<p>Communications services declined as traders moved away from consumer sectors amid rising oil futures. Federal Reserve Chairman Jerome Powell indicated that high gas prices could negatively impact consumer spending. Meanwhile, Universal Music Group's shares increased following strong revenue growth from subscriptions and streaming, and the company announced plans to use part of its Spotify stake for a buyback program.</p>

- Communications services experienced a decline as traders shifted away from consumer-oriented sectors amid rising oil futures.  
- Federal Reserve Chairman Jerome Powell indicated that high gas prices could negatively impact consumer spending, mentioning that oil prices have yet to peak.  
- In contrast, Universal Music Group reported significant revenue growth from subscriptions and streaming, leading to an increase in its share price and plans for a larger buyback program.

MorningStar

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