Consumer-discretionary Sector Slides As Amazon Shares Drop On Results
The consumer-discretionary sector fell on Friday, a day after Amazon.com reported disappointing quarterly results that sent shares of the online retail giant sharply lower. The sector, as measured by the Consumer Discretionary Select Sector SPDR ETF fell 1% in its biggest one-day percentage drop since July 6. Amazon is the largest component of the ETF by far, accounting for nearly 16% of the portfolio, according to FactSet data. Shares of Amazon fell 4.2%, their biggest one-day slide since October. Despite the declines on the day, the ETF remains up 12% for 2017 thus far, while Amazon is up more than 30%. In its results, Amazon reported a 77% plunge in second-quarter earnings, though sales came in ahead of forecasts. Also weighing on the sector was Mattel Inc. and Goodyear Tire & Rubber Co. , both of which also sold off sharply following their own results. Mattel was down 8.8% while Goodyear tumbled 13%.
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