FTCH - Consumer discretionary stocks are rallying as recession fears ease

Penn National Gaming ( PENN ) +10.83% and Caesars Entertainment ( CZR ) +8.68% were two of the biggest gainers in the S&P 500 Index on Monday as investors warmed back up to stocks tied closely to consumer discretionary spending with some of the worst-case recession fears being dialed back by analysts and economists.

Other notable gainers included Honest Company ( HNST ) +13.67% , Revolve Group ( RVLV ) +11.33% , Farfetch ( FTCH ) +10.94% , Rent the Runway ( RENT ) +9.27% , Chewy ( CHWY ) +8.35% , Abercrombie & Fitch ( ANF ) +8.25% , Gap ( GPS ) +8.25% , Williams-Sonoma ( WSM ) +7.15% , and Urban Outfitters ( URBN ) +6.90% .

The big gains followed news over the weekend of the Senate passing a sweeping bill on clean energy and healthcare. Investors may also be getting ahead of inflation reports this week that will show a slight moderation in the headline numbers for July.

Target ( TGT ) +2.55% , Etsy ( NASDAQ: ETSY ) +5.05% ,  and Dollar General ( DG ) +2.85% are some of the big retail names that are outpacing broad market averages in morning trading.

Read Seeking Alpha's Catalyst Watch for a preview of other market action coming up this week.

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