Macy's, JCPenney lead rout in retail stocks as Dow falls [CNBC]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: CNBC
Stephanie Diani | AP Shoppers pack up their purchases in the new Macy's Backstage store in Melville, New York. Shares of retailers took a thrashing Wednesday with Macy's and JC Penney leading the rout, tumbling by as much as 14.3 percent and 11 percent, respectively, in early morning trading. At their lowest point, shortly after 10 a.m., Dillard's slid by as much as 7.5 percent, Kohl's was down 7.5 percent and Nordstrom's fell 6.2 percent. Even Amazon wasn't immune, following the group as its shares fell 2.6 percent. Retailers are grappling with higher commodity costs and tariffs on their goods as the Trump administration escalates its trade war across the globe. Stores also struggle to grow sales amid declining foot traffic and increased competition online. The broader markets were similarly down in morning trading. The Dow Jones Industrial Average fell by more than 300 points while the S&P 500 declined 1.2 percent.
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