Retailer Shares Sink After Macy's Earnings Announcement

Shares of retailers are broadly lower Thursday following the soft guidance that accompanied Macy's Inc.'s second-quarter earnings and revenue beat. Macy's shares are down 4.4%, dragging down J.C. Penney Co. Inc. (down nearly 5%), American Eagle Outfitters Inc. (down 4.5%), Kohl's Corp. (down 8.6%), Target Corp. (down nearly 3%), and Dick's Sporting Goods Inc. (down 7.1%), among others. Dillard's Inc. is down more than 15% after it missed earnings estimates, reporting losses per share. The SPDR S&P Retail ETF , which is down 2.2% in Thursday trading, is down nearly 10% for the past three months and the year to date. The S&P 500 index is up 9.6% for 2017 so far.