U.S. retailers dented by recession fears after massive rate hike

Big 5 Sporting Goods

16/06/2022 15:22

** S&P 500 Retailing index  .SPXRT  falls 3.4% while broader
S&P 500  .SPX  falls 3.0%  .N 
    ** The Fed rolled out the biggest rate hike since 1994 on
Wednesday, about a week after consumer prices in May hit their
highest level in 40-1/2 years  urn:newsml:reuters.com:*:nL1N2Y12O3  US/ 
    ** Investors brace for recession after Fed Chair comments on
unemployment and economic slowdown; Wells Fargo says odds of
recession now stand at more than 50%  urn:newsml:reuters.com:*:nL8N2Y25DX  urn:newsml:reuters.com:*:nL1N2XQ26V
    ** Retail bellwethers Walmart  WMT.N  and Target  TGT.N 
drop 0.8% and 1.8%, respectively, while Costco  COST.O , Best
Buy  BBY.N  and Amazon  AMZN.O  lose 1.8%-3.7%
    ** Kroger  KR.N  dips 2.5% after a smaller-than-expected
forecast raise  urn:newsml:reuters.com:*:nL4N2Y32FI  urn:newsml:reuters.com:*:nL4N2Y32H6
    ** Department stores Macy's  M.N , Nordstrom  JWN.N  and
Kohl's  KSS.N  slide 3.9%-7.7%
    ** Sporting goods sellers Hibbett  HIBB.O , Dick's  DKS.N 
and Big 5  BGFV.O  decrease 3.3%-4.9%, while athletic wear names
Lululemon  LULU.O , Nike  NKE.N  and Under Armour  UAA.N 
decline 3.3%-3.6%
    ** Apparel chains Gap  GPS.N , Levi Strauss  LEVI.N , Guess
 GES.N , American Eagle Outfitters  AEO.N , Abercrombie & Fitch
 ANF.N  slump 3.8%-5.3%
    ** Home improvement cos Lowe's  LOW.N  and Home Depot  HD.N 
fall 3.0% and 4.0%, respectively
    ** Meanwhile, U.S. restaurants also fall on recession fears
 urn:newsml:reuters.com:*:nL4N2Y32U0 

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))