Shares of retailers and restaurants were down sharply on Monday even as the S&amp;P 500 (.SPX) pared early declines to show moderate losses Oil prices extended their recent surge, fanning worries about consumer spending, as the U.S.-Iraeli war against Iran raged on
The S&amp;P 500 retail index (.SPXRT) was down 1.6%, while an S&amp;P 1500 restaurants index (.SPCOMREST) was down 1.1%. The S&amp;P 500 was last down about 0.5%
Consumer discretionary (.SPLRCD) , down 1.6%, was among the biggest sector decliners in the S&amp;P 500 index on Monday. Consumer discretionary was down 1.4% last week
Shares of Estee Lauder (EL.N) were down 3.8%, while Best Buy (BBY.N) was down 2.9%, Target (TGT.N) was down 1.8% and Kohl’s (KSS.N) was down 6.7%. Among restaurants, Darden Restaurants (DRI.N) was down 2.5% and Chipotle Mexican Grill (CMG.N) was down 2.9%
Analysts have noted the potential negative impact of higher oil prices on consumer spending. Among them, Raymond James analyst Tavis McCourt wrote in a note late Sunday: “A simple rule of thumb is oil price up/down $20/barrel, is ~$150 billion tax on annual consumer spending.”

ONLN

IBUY

EATZ

Reuters

Best Buy

VanEck Retail ETF

ProShares Online Retail

SPDR S&P Retail ETF

Amplify Online Retail ETF

AdvisorShares Restaurant ETF

Target

Estee Lauder

BUZZ-Retailers, restaurants fall as oil surge continues