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BUZZ-U.S. retailers edge higher after first Fed rate cut since 2020
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BUZZ-U.S. retailers edge higher after first Fed rate cut since 2020

** Shares of U.S. retailers edge higher after the Federal Reserve cuts interest rates for the first time in four years

** Shares of retail bellwether Walmart WMT.N up 0.4% while Target TGT.N up 1.5%; furniture retailers Home Depot HD.N and Lowe's LOW.N up 2% and 1.7%, respectively

** Department stores Macy's M.N, Kohl's KSS.N and Nordstrom JWN.N up 1.5%, 1.8% and 1.2%, respectively

** Shares in footwear companies Nike NKE.N, Dick's Sporting Goods DKS.N up about 1%; apparel maker Levi's LEVI.N up 1.6%

** Dollar stores also rise. Dollar General DG.N up about 1% while Dollar Tree DLTR.N up 2.9%

** Consumers had been paring back spending on non-essential items with borrowing costs at their highest levels in over two decades since July 2023, when the Fed last hiked interest rates by 25 basis points

** The S&P 500 Consumer Discretionary sector .SPLRCD index up 0.77%


(Reporting by Juveria Tabassum in Bengaluru)

((Juveria.Tabassum@thomsonreuters.com;))

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.
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