• Wed. Sep 28th, 2022

Consumer discretionary stocks sink after surprisingly strong inflation data

Byanna

Jul 14, 2022 , , , , , , , ,
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The consumer discretionary sector was trading broadly lower Wednesday, after data showing inflation surprised to the upside in June and wages fell as a result. The SPDR Consumer Discretionary Select Sector ETF
XLY,
+0.82%

slumped 2.1% in premarket trading, with 54 of its 58 equity components trading lower; the four stocks not falling were either not trading or little changed. Meanwhile, futures
ES00,
-0.91%

for the S&P 500
SPX,
-0.45%

were down 1.3%. Among the ETF’s most actively traded, shares of Tesla Inc.
TSLA,
+1.70%

dropped 3.0%, Carnival Corp.
CCL,
-1.42%

slid 2.5%, Amazon.com Inc.
AMZN,
+1.08%

gave up 1.9% and Ford Motor Co.
F,
-0.43%

declined 1.4% Auto parts maker BorgWarner Inc.’s stock
BWA,
-2.61%

was the biggest decliner, as it fell 4.0%.



Image and article originally from www.marketwatch.com. Read the original article here.