This week’s Market Update is posted and includes the following;
The earnings season may have saved the most interesting for last as there was carnage for two different mature retail chains in the wake of their earnings news. While neither stock actually has a large weighting in SPDR’s retail focused ETF their respective mid-teen percentage drops appear to have contributed to the ETF’s more than 7% decline. Another problem for the group was that retail sales were up 0.1% which was below expectations. Bespoke Investment Group reported that nine of the eleven retail sales reports this year were below expectations while the other two were in line with expectations.
Please click through for the entire update.
The picture is from yesterday’s hike. We see these guys every fall.