Shares of retailers and companies selling consumer discretionary goods suffered broad declines Tuesday, as a surprise contraction in manufacturing activity (Ford Motor Co. (F) slid 0.6%, Macy's Inc. (M) lost 2.2%, Victoria's Secret-parent L Brands Inc. (LB) gave up 2.2% and Gap Inc. (GPS) shed 3.4%, while Amazon.com Inc ( ). (AMZN) advanced 1.1% and Starbucks Corp. (SBUX) tacked on 0.5%. The Institute of Supply Management said earlier its purchasing managers index (PMI) fell to 49.1, the lowest reading seen since January 2016, with consumption, as measured by production and employment, contributed the "strongest negative numbers" to the PMI, driven by lack of demand.) in August was hurt by a sharp drop-off in consumption. The SPDR S&P Retail ETF (XRT) slid 1.6%, to underperform the S&P 500's 0.8% decline, as 73 of 87 components lost ground.The SDPR Consumer Discretionary Select Sector ETF (XLY), which tracks sellers of what people want, fell 0.3% with 49 of 62 components declining, while SPDR Consumer Staples Select Sector ETF (XLP), which tracks sellers of what people need, rose 0.2% with 22 of 33 components gaining ground. Among the more-active consumer discretionary stocks,
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
September 03, 2019 12:31 ET (16:31 GMT)
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