Retail stocks posted their worst day since March during trading Thursday, as the SPDR S&P Retail ETF fell roughly 3% on disappointing earnings by retailers like Macy's and Kohls.
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The worst performer in the S&P 500 on Thursday was Macy's, which was down more than 10% after reporting earnings that showed yet another quarter in which same-store sales declined. Urban Outfitters and Kohls were also among the S&P 500's top losers, shedding roughly 6% each of their market values on Thursday.
Why it matters: This is the continuation of a long and painful decline for America's top retailers. It's the fourth quarter in a row that both Macy's and Kohls have traded down after earnings, suggesting that their performances have been even worse than an already pessimistic investor class expects.