Retailers were having a tough session early Monday.
The only apparent industry-wide news that could explain the selloff was a note from Telsey Advisory Group saying that Action Alerts PLUS holding Amazon Inc. (AMZN) - Get Report could capture 10% of all retail sales by 2020.
The firm initiated Amazon with an "outperform" rating, saying, "Amazon's customer-centric approach, relentless pursuit of efficiency in existing and new businesses, strong and growing Prime membership base, and advanced technology platforms have differentiated the company and made it a preferred shopping destination."
Retail ETFs were suffering, too, Monday with the Market Vectors Retail ETF (RTH) - Get Report falling 0.3%, while the SPDR S&P Retail ETF (XRT) - Get Report fell 0.64% and the First Trust Consumer Discret AlphaDEX ETF (FXD) - Get Report fell 0.5%. The S&P Department Store Index (below) hovered dangerously near the 100-day moving average.
Individual retailers were also faltering Monday.
- Target Corp. (TGT) - Get Report shares were down 2.3%.
- Macy's Inc. (M) - Get Report shares were down 4.53%.
- Nordstrom Inc. (JWN) - Get Report shares were down 2.6%.
- Kohl's Corp. (KSS) - Get Report shares were down 5.16%.
- Walmart Inc. (WMT) - Get Report shares were down 1.9%.
- Meanwhile, Amazon shares were rising 1.4% Monday morning.