🛒 Rising Inflation and Jobless Claims Hit Consumer Discretionary Stocks: XLY Drops Amid Tesla, Rivian, and Home Depot Declines | Retail Sector Insights
The Consumer Discretionary Select Sector SPDR Fund (XLY) has decreased by 0.4% today, coinciding with a broader decline in the S&P 500 Index, which fell by 0.19%. Recent economic data revealed an annual inflation rate of 2.4% for September, exceeding forecasts, while core inflation rose to 3.3%.
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Thursday, October 10
XLY [-0.4%]
Consumer Discretionary Select Sector SPDR Fund (XLY)
The Consumer Discretionary Select Sector SPDR Fund (XLY) has decreased by 0.4% today, coinciding with a broader decline in the S&P 500 Index, which fell by 0.19%. Recent economic data revealed an annual inflation rate of 2.4% for September, exceeding forecasts, while core inflation rose to 3.3%. Initial jobless claims surged to their highest level since July, attributed partly to Hurricane Helene, signaling potential softening in labor market conditions. Within XLY, notable declines were observed in several key holdings: Tesla Inc. dropped significantly, followed by Ross Stores Inc. and Lululemon Athletica Inc. Home Depot announced plans to reduce its warehouse footprint due to declining sales, reflecting challenges from high interest rates and low housing turnover. Overall, these developments align with the negative sentiment impacting consumer discretionary stocks today.