Major retailers were swept up in the market plunge on Wednesday that was spurred by fears of a recession, with shares of Walmart (WMT) - Get Report , Kohl's (KSS) - Get Report and Home Depot (HD) - Get Report all falling and as Macy's (M) - Get Report led the way with a double-digit plunge.
Kohl's posted one of the biggest drops in the sector, with shares falling more than 10% to $45.58 as investors dumped shares across the board amid renewed fears of an economic downturn.
The market rout was triggered as the U.S. bond market flashed red with a key recession warning signal. The yield on the 10-year Treasury note fell below that of the two-year rate, a sign that investors are eschewing potential short-term gains as they seek a longer-term safe haven for their money amid fears of a downturn.
While bank stocks led Wednesday's market rout, retailers weren't far behind, with shares of Macy's plummeting more than 16% to $16.21 after reporting notably weak earnings for the second quarter.
Shares of upscale retailer Nordstrom (JWN) - Get Report took a 10.81% hit, falling to $25.97, while Victoria's Secret owner L Brands (LB) - Get Report saw its stock price fizzle as well, dropping 8.89% to $20.66.
Walmart, the retail sector's 800-pound gorilla, held up relatively better, edging down 0.29% to $107.10 as it prepares to unveil its second-quarter earnings on Thursday.
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