U.S. retailers fall on bets of aggressive rate hikes

Big 5 Sporting Goods

13/06/2022 15:32

** Shares in U.S. retailers decline on growing fears that
aggressive interest rate hikes could tip the economy into
recession  .N 
    ** The S&P 500  .SPX  index is on course to confirm a bear
market
    ** Department stores Macy's  M.N , Nordstrom  JWN.N  and
Kohl's  KSS.N  lead the declines, falling 4.8% to 5.6%, with
sporting goods sellers Hibbett  HIBB.O , Dick's  DKS.N  and Big
5  BGFV.O  down 1.9% to 3.3%
    ** Apparel chains Gap  GPS.N , Levi Strauss  LEVI.N  and
Guess  GES.N  fall between 2.2% and 4.5%, while athletic wear
names Lululemon  LULU.O , Nike  NKE.N  and Under Armour  UAA.N 
are down 2.8% to 4.1%
    ** Home improvement players Lowe's  LOW.N  and Home Depot
 HD.N  are down 1.7% and 1.9%, respectively, while Walmart
 WMT.N , Target  TGT.N , Best Buy  BBY.N  and Costco  COST.O 
drop 0.6% to 2.1%
    ** S&P 500 retailing index  .SPXRT  is down over 30% this
year, while the S&P 500 has shed a fifth of its value

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))