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(Reuters)

The Grinch Steals Retail Stocks and Late Nov. Market Rally

By Mutual Funds FOXBusiness

Despite what’s being described as a decent start to the holiday shopping season, investors on Monday sold retail stocks. The SPDR S&P Retail ETF (XRT), which tracks a basket of retailers, fell over 2%. 

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No Holiday For SPDR Retail ETF | FindTheCompany

Walmart (NYSE: WMT) and Nike (NKE) led declines in the Dow Industrials (DJA) while Under Armour (UA) and Hasbro (HAS) weighed on the S&P 500 (SPY).

 

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Even though Cyber Monday sales are on track to hit a record $3 billion, according to the Adobe Digital Index, marking the largest online sales day ever, promotional days such as Cyber Monday and Black Friday don’t hold the same cache as they once did.

“Consumers are still going to stores, they’re just going maybe not as much on Black Friday,” said Rubicon Project President Greg Raifman, adding, “They’re also shopping earlier, as consumers take more control. Our numbers are seeing shopping as early as Labor Day.” Raifman made those remarks during an appearance on FOX Business Network’s Mornings With Maria.

Consumers rang up $8 billion in sales online between Thanksgiving Day and Sunday, a 17% increase or $1.14 billion over 2014. They’re also shelling out more with the average order value rising to $135.25, a 4% jump as reported by the Adobe.

Online shopping was marred temporarily at Target (TGT) on Monday. The department store’s website was knocked offline for a portion of the day as “traffic and order volumes exceeded Target’s Black Friday’s event,” according to the company. Target offered 15% off virtually everything online.

 

More than 151 million people said they shopped in and around the Thanksgiving holiday, according to the National Retail Federation’s Thanksgiving Weekend Survey, conducted by Proper Insights & Analytics. That’s more than the initial forecast of 136 million.

Still it wasn’t enough to entice investors. Half of the S&P’s ten largest sectors lost ground Monday with the steepest declines coming from healthcare, consumer discretionary and consumer staple stocks.

The S&P 500, the Dow Jones Industrials and the Nasdaq Composite closed about 0.4% lower.    

 

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