US retail and luxury stocks tumble after new Trump tariffs

PVH

03/04/2025 15:30

Updates

   ** Shares of major U.S. retailers are down after U.S. President Donald Trump imposes a raft of new reciprocal tariffs on Asian production hubs

** Analysts expect this to increase costs of production for retailers at a time when consumers are becoming cautious on spending amid growing economic uncertainty

** Big-box retailer Target TGT.N shares fall 11.2% to a five-year low of $93.89

** Shares of retail giant Walmart WMT.N down 2% and e-commerce giant Amazon.com AMZN.O down 7.7%

** Electronics retailer Best Buy BBY.N down 16% and membership-only retail chain Costco COST.O falls nearly 1%

** Discount store Dollar Tree DLTR.O falls 10.5%

** Apparel makers PVH Corp PVH.N down 11.7%, American Eagle Outfitters AEO.N falls 16.6%, Abercrombie & Fitch down 14.6% and Gap GAP.N slips 21.7%

** Luxury firms Ralph Lauren RL.N down 17.2%, Tapestry TPR.N falls 13.8%; Capri Holdings CPRI.N down 22.3%, hitting over 4-1/2-year low of $15.06

** Up to last close, S&P 500 Consumer Discretionary Distribution & Retail Index .SPXRT down more than 7% YTD

(Reporting by Ananya Mariam Rajesh in Bengaluru)

((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))