🛒 Burberry and Macy's Fall on Poor Forecasts and Deal Cancellations,Tesla and Ford Rise on Endorsements and EV Successes, LVMH Declines| Retail Sector Insights
Tesla saw stock gains after Elon Musk's endorsement of former President Trump despite recent volatility related to delays in the robotaxi event; Ford celebrates success with an electric super-van at the Good competition.
Welcome to the MarketReader Minute.
Below are AI-generated insights on moves in the consumer discretionary sector, powered by MarketReader technology.
Monday, July 15
XLY [+1.0%]
The Consumer Discretionary Select Sector SPDR Fund (XLY) experienced a notable increase in price following significant positive movements from top holdings like Tesla, Amazon, Ford, and others. Tesla saw stock gains after Elon Musk's endorsement of former President Trump despite recent volatility related to delays in the robotaxi event; Amazon prepares for Prime Day 2024 with strong sales growth propelling its market cap past $2 trillion under new CEO Andy Jassy post-Covid expansion efforts; while Ford celebrates success with an electric super-van at the Good competition. This coincided with a 0.73% rise in the S&P 500 Index likely contributing to XLY's upward movement given their historical correlation.