Why Retail Stocks Headed Lower Today
Retail stocks were falling broadly today as the sector reacted to the March retail sales report from the Census Bureau showing a historic plunge as the coronavirus pandemic swept the nation. Overall adjusted retail sales fell 8.7% from February, and 6.2% from March a year ago, with discretionary chains getting hit especially hard. Core retail sales, which exclude cars and gasoline, were down 3.1% from February.
Among the stocks that were falling on the news as of 10:56 a.m. EDT today were Foot Locker (NYSE: FL), which was down 5.6%; Best Buy (NYSE: BBY), which was off 6.4%; Lowe's (NYSE: LOW), which had fallen 5.2%; Macy's (NYSE: M), which had given up 8%; and TJX Companies (NYSE: TJX), which had lost 4.9%. The S&P 500, meanwhile, was down 2.6% as the broader market index responded to the retail sales report, a weak manufacturing report, and disappointing earnings reports from banks.
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Source Fool.com
