S&P Retail ETF sinks as Target tumbles

Dillard's

18/05/2022 17:39

(Updates)
    ** SPDR S&P Retail ETF  XRT.P  down 8.0% on Weds, hits new
52-week low amid big drop in shares of Target Corp  TGT.N  and
broader market selloff  .N 
    ** XRT on track for worst session since Feb 2021 when
meme-stock GameStop  GME.N  sparked wild swings in the fund
    ** TGT, which represents about ~1% weighting in XRT as of
May 17, according to fund's website, tumbling ~25% after co's
profit halves and warns of bigger margin hit  urn:newsml:reuters.com:*:nL3N2X930G
    ** On Tues, big-box rival Walmart  WMT.N  suffered its worst
session since 1987 after trimming its profit forecast
 urn:newsml:reuters.com:*:nL3N2X927U
    ** XRT holdings among biggest drags on S&P 500  .SPX  on
Weds: Dollar Tree  DLTR  16.8%, Tractor Supply  TSCO.O  12.5%,
Dollar General  DG.N  11.5%, Costco  COST.O  12.3%, Best Buy
 BBY.N  9.8%, Ulta Beauty  ULTA.O  10.0% and Walgreens  WBA.O 
7.3%
    ** Other notable decliners include: Petco Health and
Wellness  WOOF.O  15.3%, Dillard's  DDS.N  14.9% and Academy
Sports and Outdoors  ASO.N  12.4%
    ** A bright spot is TJX Cos  TJX.N  as shares of discount
store operator gain 8.6% on upbeat annual profit aided by price
increases  urn:newsml:reuters.com:*:nL3N2XA26V
    ** XRT down 30% YTD with drop on the session

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))