Nike Inc NKE, Target Corporation TGT and Etsy Inc ETSY shares are all trading lower Friday as shares of retail companies are trading lower following worse-than-expected May CPI data. Rising inflation could decrease consumer spending and negatively impact retail names. Concerns of an economic slowdown have also pressured discretionary stocks.
According to the Bureau of Labor Statistics, the all-items CPI figure increased 8.6 percent for the 12 months ending May, the largest 12-month increase since the period ending December 1981.
According to data from Benzinga Pro, Nike is trading lower by 2.94% to $115.11; Target is trading lower by 2.81% to $150.20; Etsy is trading lower by 8.35% to $76.13.
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