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iShares Global Consumer Discretionary ETF (NYSEARCA:RXI - Get Free Report) was the target of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 3,600 shares, a growth of 176.9% from the September 30th total of 1,300 shares. Approximately 0.2% of the shares of the
Some consumer discretionary stocks have performed better than others. Luxury, homebuilding, and travel have been a bright spots.
The first month of 2023 (and the last month of the retail industry's Q4 2022) saw America's largest party supply store file for Chapter 11 bankruptcy, a move that the StarMine credit models had predicted about a year ago. According to StarMine, Bed Bath & Beyond scores in the bottom decile when it comes to the Relative Valuation, Val-Mo, and Short Interest models.
40% of the online merchandise for U.S. retailers is on sale as we enter Black Friday week of 2022. The average percent discount in November is 36.3%; this has come down from the YTD levels of 37.6% and is significantly below the pre-pandemic levels.
The broader retail space has been weak relative to the S&P 500 so far this year. On a YTD basis, the VanEck Vectors Retail ETF has underperformed the S&P 500 by 4.5 percentage points, trading down by 18.2% as of today.
US Consumer Discretionaries have fallen back to old support relative to Staples.
Fernandes: U.S. retail sales in June 2020 were already higher than in December 2019. Fernandes: US consumer is in a much better position than they were in 2008.