Why Macy's, Kohl's, and Bed Bath & Beyond Were Lagging the Market Today
It's another wild day for stocks. Dow futures swung by over 1,000 points overnight, and were trading in the red this morning. The S&P 500 opened moderately higher before falling back to being unchanged and then surging to gains of close to 3% after noon on hopes that central banks around the world would intervene to stop the coronavirus-fueled sell-off.
Despite that rally, not every stock was in the green. Macy's (NYSE: M), Kohl's (NYSE: KSS), and Bed Bath & Beyond (NASDAQ: BBBY) had all fallen by more than 5% this morning. As of 12:50 p.m. EST, Macy's stock was down 3.7%, Kohl's was off 3.3%, and Bed Bath & Beyond stock had declined 3.5%.
At the same time, the SPDR S&P Retail ETF (NYSEMKT: XRT) was actually up 0.6% showing that not all retail stocks were swept up in the sell-off. Nonetheless, the sector was still underperforming the overall market.
Source Fool.com
