Retail Rebounds in Market Rally as Prime Day Looms
2022.06.21 23:11
By Liz Moyer
Investing.com — Retail shares rebounded in the broad market rally as major competitors prepare to square off in a summer sales blitz.
The SPDR® S&P Retail ETF (NYSE:XRT) was up 1.7% on Tuesday.
E-commerce giant Amazon.com Inc (NASDAQ:AMZN) rose 2.5% as the company prepared to kick off its annual Prime Day sale on July 12 and 13, with steep discounts on an array of electronic, clothing and home gadget products. Prime is a big event for Amazon and has prompted rivals such as Walmart Inc (NYSE:WMT) and Target to launch sales promotions of their own around the same time to capture consumer dollars.
Amazon named Doug Herrington to be its new retail CEO, succeeding Dave Clark who left earlier this month. Herrington has been with Amazon since 2005.
Target Corporation (NYSE:TGT) shares rose 3.7% on Tuesday after the CEO was reported to say they see a strong second half of the year and were confident that they were making the right move in trying to clear out inventory. Target’s Deal Days is anticipated for July 11-13 with similar promotions on electronics, clothing and other household items.
