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Consumer discretionary stocks takes a broad beating after consumer inflation data

The selloff in the consumer discretionary sector was unanimous Tuesday, as disappointing inflation data sparked fears that consumers would pull back on spending as prices keep rising, and as the Federal Reserve could trigger a recession with continued aggressive interest rate increases. The SPDR Consumer Discretionary Select Sector exchange-traded fund dropped 3.3% in morning trading, to pace all of the SPDR ETFs tracking the S&P 500's 11 sectors in losses, with all 58 of its equity components trading lower. The biggest losers were shares of online crafts marketplace Etsy Inc. , down 5.6%, and flooring products company Mohawk Industries Inc. , down 5.3%. Among the ETF's most-active stocks, shares of Tesla Inc. slid 2.9%, Inc. slumped 4.9% and Ford Motor Co. lost 3.0%. The best performer was McDonald's Corp.'s stock , which fell 1.1%. Meanwhile, the S&P 500 was down 2.5% and the Dow Jones Industrial Average sank 681 points, or 2.1%.

-Tomi Kilgore


(END) Dow Jones Newswires

09-13-22 1002ET

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