Consumer discretionary stocks are rallying as recession fears ease

Aug. 08, 2022 11:03 AM ETEtsy, Inc. (ETSY)TGT, DG, ANF, GPS, URBN, WSM, PENN, CZR, HNST, FTCH, RVLV, CHWY, RENTBy: Clark Schultz, SA News Editor5 Comments

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Penn National Gaming (PENN) +10.83% and Caesars Entertainment (CZR) +8.68% were two of the biggest gainers in the S&P 500 Index on Monday as investors warmed back up to stocks tied closely to consumer discretionary spending with some of the worst-case recession fears being dialed back by analysts and economists.

Other notable gainers included Honest Company (HNST) +13.67%, Revolve Group (RVLV) +11.33%, Farfetch (FTCH) +10.94%, Rent the Runway (RENT) +9.27%, Chewy (CHWY) +8.35%, Abercrombie & Fitch (ANF) +8.25%, Gap (GPS) +8.25%, Williams-Sonoma (WSM) +7.15%, and Urban Outfitters (URBN) +6.90%.

The big gains followed news over the weekend of the Senate passing a sweeping bill on clean energy and healthcare. Investors may also be getting ahead of inflation reports this week that will show a slight moderation in the headline numbers for July.

Target (TGT) +2.55%, Etsy (NASDAQ:ETSY) +5.05%, and Dollar General (DG) +2.85% are some of the big retail names that are outpacing broad market averages in morning trading.

Read Seeking Alpha's Catalyst Watch for a preview of other market action coming up this week.

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