Consumer stocks were falling Tuesday afternoon, with the Consumer Staples Select Sector SPDR Fund (XLP) down 0.7% and the Consumer Discretionary Select Sector SPDR Fund (XLY) dropping 1.3%.
Redbook US same-store sales accelerated by 6.6% from a year earlier in the week ended March 1 after a 6.2% year-over-year increase in the previous week.
In corporate news, Best Buy (BBY) flagged potential price increases amid tariff uncertainties and issued a full-year earnings outlook that fell short of Wall Street estimates at the midpoint. Its shares tumbled past 12%.
Target (TGT) reported better-than-expected fiscal Q4 results on Tuesday, but the retailer said it expects uncertainties related to consumer spending and tariffs to weigh on its profit in the ongoing three-month period. Its shares fell 3.4%.
Starbucks (SBUX) said Tuesday that department store chain Nordstrom's (JWN) Chief Financial Officer Cathy Smith will join the coffee giant as its finance chief next month. Starbucks shares were down 1.3%.
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