On another down day for the market, retail stocks were among the biggest losers. The consumer discretionary sector, which is among the hardest hit by the COVID-19 coronavirus pandemic, suffered again today as Congress was unable to pass a rescue package valued at $1.8 trillion.
A number of retailers have been forced to close stores and either lay off staff or keep them on payroll while they stay home. Investors are desperately hoping for a lifeline for these brick-and-mortar chains since many could go out of business if they have to keep stores closed for several weeks, especially if a recession follows the health crisis.
Among the retailers whose shares closed Monday down by double digits were Bed Bath and Beyond (NASDAQ: BBBY), which gave up 10.8%; Gap (NYSE: GPS), which fell 13%; and Casey's General Stores (NASDAQ: CASY), down 14.5%.