FAST FIVE: Black Friday Unlikely To Lift Dark Mood For Retail
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.