Retail ETFs Slaughtered By Weak Data

By: ETFdb
With equity markets surging in July, many investors had hoped that the U.S. was finally pulling itself out of its nearly two year economic malaise. Private job hiring numbers in ADP’s report were solid, and concerns over the European debt situation seemed to be moderating as investors focus their attention elsewhere. Despite these initial positives, August has already proved to be a rough month for the consumer discretionary sector, with retail firms being among the hardest hit after bearish data to close out the past week. Besides the Christmas holiday season, one of the most important times for retailers is the back to school period from late July to early September. Unfortunately for retailers, this crucial season got off to an extremely slow start with same store sales growth of just 2.8%, missing estimates of roughly 3% to 4% growth. “I believe we hit a soft spot,” said Jack Kleinhenz, chief [...] Click here to read the original article on ETFdb.com. Related Stories: Strong September Sales Boost Retail ETFs ETF Plays For A “Retail Recovery” Tough Times For Retail ETFs
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