UA - Why Retail Stocks Were Sliding for the Second Day in a Row
For the second day in a row, retail stocks were getting pounded on fears about the novel coronavirus outbreak. Solid earnings reports from Home Depot (NYSE: HD) and Macy's (NYSE: M) were not enough to counteract the broader market sell-off that began Monday, though both of those stocks were up in morning trading.
The SPDR S&P Retail ETF, which tracks the industry, closed down 3.4%. Among the retail stocks that closed down at least 5% today were Macy's, Nordstrom (NYSE: JWN), Foot Locker (NYSE: FL), Gap (NYSE: GPS), Urban Outfitters (NASDAQ: URBN), and Bed Bath and Beyond (NASDAQ: BBBY). Kohl's (NYSE: KSS) and Under Armour (NYSE: UA) (NYSE: UAA) were down 5% earlier in the session, but closed 4.7% and 4.2% lower, respectively.
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