DLTH - This Surprising Sector Is Sinking the Nasdaq Thursday
The first day of the month is often a positive one for the stock market, but September didn't bring any cheer to Wall Street. Ongoing concerns about the prospects for the global economy in light of tighter monetary policy worldwide are weighing on sentiment overall, and with no immediate relief in sight, the Nasdaq Composite (NASDAQINDEX: ^IXIC) saw outsize declines compared to the broader market. Shortly after the market opened, the Nasdaq was down nearly 1%, bringing its year-to-date losses to back above the 25% mark.
Investors have gotten used to tech stocks being the culprit when it comes to Nasdaq underperformance. There were a fair share of companies in the technology space that saw their stock prices fall on Thursday, but the damage wasn't limited to that sector. Indeed, a couple of high-profile losses among Nasdaq retail stocks showed that worries about the consumer economy could be even more important to the overall market. Below, you'll see why losses for Duluth Holdings (NASDAQ: DLTH) and Lands' End (NASDAQ: LE) were noteworthy as September began.
Shares of Duluth Holdings were down more than 9% in the opening minutes of Thursday's regular trading session. That actually seemed like good news in the context of premarket trades that had seen the share price off as much as 20% from where it finished Wednesday.
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This Surprising Sector Is Sinking the Nasdaq Thursday