🛒 Stocks Plunge as Amazon Misses Sales, Alibaba and Sony Slide, while DoorDash Defies the Trend | Retail Sector Insights
Tesla (TSLA) faced a decline amid challenges related to state EV incentives and mixed sales performance in China, while Booking Holdings Inc (BKNG) experienced a decrease despite beating earnings estimates due to concerns over a slowdown in room night growth forecasts.
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Below are AI-generated insights on moves in the consumer discretionary sector, powered by MarketReader technology.
Friday, August 2
XLY [-3.2%]
The Consumer Discretionary Select Sector SPDR Fund (XLY) has seen a significant decline of 2.8% in pre-market trading. Key holdings contributed to this downturn, notably Amazon (AMZN), which reported lower-than-expected second-quarter net sales and provided disappointing third-quarter revenue guidance, resulting in a substantial drop in its share price. Tesla (TSLA) faced a decline amid challenges related to state EV incentives and mixed sales performance in China, while Booking Holdings Inc (BKNG) experienced a decrease despite beating earnings estimates due to concerns over a slowdown in room night growth forecasts. Additionally, the U.S. unemployment rate rose to 4.3% in July, higher than anticipated, alongside disappointing job growth figures from the Non-Farm Payrolls report, further compounding volatility within the sector.