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Why Are Retail Stocks WMT, TGT, COST Down Today?

  • Retail stocks are sinking on Thursday.
  • That’s due to stores closing as Hurricane Ian sweeps across Florida.
  • This has traders selling stocks on the news.
Retail Stocks Falling Today

Source: Roman Tiraspolsky / Shutterstock.com

Retail stocks are weathering a storm on Thursday that has many of them sinking below the waves.

This comes as Hurricane Ian rolls through Florida, leaving devastation in its path. As a result, several retailers have noted the need to close down stores as the storm continues across the state.

With those stores closing, these corporations won’t be able to sell goods. At that same time, it’s likely some will suffer damage in the wake of Hurricane Ian. These factors are weighing on shareholders today with some selling shares as a result.

Let’s take a look at those store closures and how they are affecting stocks below.

Retail Stocks Down on Thursday

  • Walmart (NYSE:WMT) starts us off with the retail giant closing more than 200 Walmart and Sam’s Club stores in the hurricane’s path. WMT shares are down slightly as of Thursday morning as a result.
  • Target (NYSE:TGT) joins the list of retailers preparing for Hurricane Ian with the company closing down roughly 70 stores. Investors will note that TGT stock is down 2.7% as of this writing.
  • Costco (NASDAQ:COST) closes out the retail stocks falling on closures as it keeps 13 stores closed during the hurricane. Shares of COST stock are down 1.7% Thursday morning.

Investors looking for more of the latest stock market news will want to keep reading!

We’ve got all of the latest stock market news worth knowing about today. That includes what’s happening with Chinese EV stocks, the latest guidance update from Rite Aid (NYSE:RAD) and what’s happening with Peloton (NASDAQ:PTON) stock on Thursday. You can find all of that news at the following links!

More Thursday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/09/why-are-retail-stocks-wmt-tgt-cost-down-today/.

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