2023-07-11 11:52:04 ET
The retail sector outperformed broader markets as Amazon Prime Day kicked off.
The SPDR S&P Retail ETF ( NYSEARCA: XRT ) rose 1.5% on Monday morning amid the annual two-day shopping frenzy. The RealReal ( NASDAQ: REAL ) rose 17% , Bark ( NYSE: BARK ) was up 7.7% , ContextLogic ( NASDAQ: WISH ) increased 4.7% , Etsy ( NASDAQ: ETSY ) jumped 8.8% and The Gap ( NYSE: GPS ) rose 4.85% . The S&P 500 was up 0.21% .
Amazon.com, Inc. ( NASDAQ: AMZN ) increased about 1% .
Analysts think the Prime Day event will be a significant test of consumer discretionary spending ahead of the back-to-school and holiday seasons in the back half of the year.
In the biggest retail event of the summer, Prime Day sales will simultaneously take place on July 11-12 in Australia, Austria, Belgium, Brazil, Canada, China, Egypt, France, Germany, Italy, Japan, Luxembourg, Mexico, the Netherlands, Poland, Portugal, Saudi Arabia, Singapore, Spain, Sweden, Turkey, the United Arab Emirates, the U.S., and the UK.
London-based investment management company Fundsmith sold out of its Amazon ( AMZN ) position in Q2 with the firm’s CEO Terry Smith warning about a misallocation of capital by the company in grocery retail after the Seattle-based company already stubbed its toe with the Whole Foods acquisition.
More on retailers:
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- Etsy approves $1B worth of more buyback firepower
- ContextLogic stock drops on double downgrade from Loop Capital
- Farfetch stock surges on elevated volume
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Retail sector outperforms as investors eye Amazon Prime Day spillover