U.S. retail sales rose last month, suggesting resilient demand for merchandise despite global production hurdles and supply constraints. Overall retail purchases increased 0.7% in September following an upwardly revised 0.9% gain in August, Commerce Department figures showed Friday. Excluding autos, sales advanced 0.8% in September.
In the Retail ETF space, SPDR S&P Retail ETF (XRTn), Amplify Online Retail ETF (IBUY) and VanEck Vectors Retail ETF (RTH) gained +1.92%, +1.11% and +0.98% respectively on Monday, boosted by the recent retail data and better-than-expected third quarter results from several majors constituents. XRT rose the highest among its peers due to Macy’s 17% surge, one of its main holdings.
Macy’s shares rose after Saks Fifth Avenue said they were planning to take their e-commerce unit public at a valuation of $6 billion. Investors are betting that Macy’s would speed up their own IPO of their e-commerce business to keep up with Saks, one of its closest competitors.
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