What’s Wrong With The Retail Stocks Today?
This morning, many of the leading retail stocks are trading flat to slightly lower despite the rally in the major stock indexes. Leading retail equities such as Dollar Tree, Inc. (NASDAQ:DLTR), Target Corp. (NYSE:TGT), The Home Depot, Inc. (NYSE:HD), and Bed Bath & Beyond Inc. (NASDAQ:BBBY) are all trading lower on the trading session. It is important to note that the U.S. consumer accounts for roughly 70.0 percent of the gross domestic product (GDP) in the United States. The U.S. consumer has recently been hurt by high oil, and gasoline prices which act as a direct tax on consumer spending.
Traders and investors that want to track the entire retail sector can follow the Market Vectors Retail ETF (RTH). Today, the RTH is trading lower by 0.13 cents to $58.47 a share. Traders should note that the RTH has near term daily chart support around the $57.00, and $55.25 levels.
Disclosure: This article is written by Nicholas Santiago. Nicholas Santiago is a co-founder of In The Money Stocks. Nicholas Santiago and In The Money Stocks represent that Nicholas Santiago does not own any stocks mentioned in this article at the time this article was submitted.