Why Department Store Stocks Pulled Back This Week
In a holiday-shortened week, department store stocks have been on the losing side as fears of COVID-19's spreading Delta variant and falling bond yields left investors feeling warier about the cyclical sector. Among the department store stocks that had lost ground as of the close of trading Thursday were Kohl's (NYSE: KSS), which was down 6.7% for the week; Nordstrom (NYSE: JWN), which had given up 8.5%; and Macy's (NYSE: M) was off by 6.2%.
No company-specific news was reported about any of them, but the shift in the macro environment was enough to dampen enthusiasm for the stocks. And retail stocks generally fell this week: One benchmark for the industry, the SPDR S&P Retail ETF, was down by 3.6% as of Thursday's close.
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Source Fool.com
