Black Friday Unlikely To Lift Dark Mood For Retail By Heather Burke, Bloomberg Markets Live analyst and reporter Retail’s horrible 2022 is unlikely to get any better as the all-important holiday season unofficially kicks off this week amid an unprecedented cost-of-living crisis on both sides of the Atlantic.
Retail is one of the worst-performing S&P 500 GICS 2 sectors year-to-date, down more than 30% compared with the overall benchmark’s decline of about 17%.
Some of that stems from the selloff in mega-tech: Amazon.com is approximately 45% of the gauge and responsible for about 75% of retail’s decline in terms of market cap.
Lower gasoline prices may help.
But with multiple retail gauges set for the worst year since the global financial crisis, it will take a remarkably strong holiday season to overcome 2022’s gloom — and next year may not be much better.
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