Loading...
Loading...
Retail stocks dropped today on news of the US home builders curbing construction beyond expectations. It triggered further anticipation that construction materials and home related products’ demand may be adversely affected. The S&P Retail Index (RLX) inched up 1.27%, to 441.69 by 12:48 pm.
Reports revealed that May housing starts dipped to the lowest level since December, the month in which a federal tax break for home buyers ended. The seasonally adjusted annual rate of housing starts stood at 593,000, down 10%. Single-family homes starts plummeted 17% to 468,000 of seasonally adjusted rate, the lowest in a year.
Shares of Home Depot Inc
HD, the largest home-improvement retailer, fell 0.71%. The big appliance seller Sears Holdings Corp
SHLD plunged 2.31% and Lowe's Companies
LOW declined 3.01%, by 1:03 pm. Meanwhile, Kohl's Corp
KSS went down 0.41% and Charming Shoppes Inc
CHRS shed 2.06%.
Read more
from Benzinga's Markets.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted In: NewsIntraday UpdateMarketsMoversApparel RetailConsumer DiscretionaryDepartment StoresHome Improvement RetailRetail sector
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in