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Target shares are hovering not far above their 52-week low.
Scott Olson/Getty Images
Target stock just can’t catch a break.
Target
shares (ticker: TGT) fell 3% to $119.34 on Monday. The shares, which are off more than 6% since the start of the month and more than 20% so far this year, are hovering not far above their 52-week low. If they fall below $117.90, it would be their lowest close in more than three years.
Target isn’t the only retailer stock that fell on Monday. The
SPDR S&P Retail ETF
(XRT) was off 0.6% and fellow big box giant
Walmart
(WMT) was down 0.7%.
There was no obvious reason for the move down. While inflation has pushed up the price of essentials, which in turn have muscled out discretionary spending from many Americans’ budgets, other discretionary retailers traded higher, from
Signet Jewelers
(SIG) to
TJX Cos.
(TJX).
In fact, retail sales climbed again in August, data released on Thursday showed, disproving cautious expectations. Student loan repayments are restarting after their pandemic pause, which many experts expect to further weigh on sales. That isn’t hitting Target peers today, although Target is the poster child for that worry.
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