Retail Sector Dropped After Disappointing Economic Data
Wednesday, June 15, 2021 2:00 PM



Retails stocks on Wednesday traded lower after the Labor Department data showed the cost of food, clothing and autos all accelerated, offsetting the first decline in energy prices in 11 months. The core rate, which strips out volatile food and energy costs, saw its biggest one-month increase since July 2008. The drop in the retail sector was led by J.C. Penny Company Inc. (NYSE: JCP) trading lower by 3.17 percent to $34.25 after the company named Apple’s retail store Chief Ron Johnson as its next chief executive. Among other retailers that could also feel the heat of the economic data were, Costco Wholesale Corp. (Nasdaq: COST) was trading lower by 0.64 percent to $78.73, Wal-Mart Stores Inc. (NYSE: WMT) was down 1 percent to $52.38 and Target Corp. (NYSE; TGT) down 1.37 percent to $46.64 on Wednesday. The Discount, Variety Stores industry was trading lower by 0.67 percent to 1,003.4 points. Among the ETF’s, the SPDR S&P Retail ETF (NYSE: XRT) was trading lower by 0.75 percent to $50.52 and PowerShares Dynamic Retail ETF (NYSE: PMR) was also trading down by 0.83 percent to $20.25 today.

 

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