The retail index has lost 5.35% since August 2016, compared with a 27.3% gain in the same time period for the FTSE 350 Banks Index

Slumping U.K. consumer confidence, which fell to a one-year low Friday amid signs of a slowdown in spending, has sent domestic retail stocks into a tailspin.

Fears over U.K. consumer confidence has grown after one of the U.K.'s top retailers warned of a volatile trading environment, sending retail stocks down.

The malaise infecting department stores is spreading across the world as British retailing stalwart Debenhams said it was considering closing up to 10 stores, sending stock down.

Retail sales in December fall 0.1%, industry figures show.

"As we turn to 2023, we expect to once again set records, with potentially the largest number of new product and indication launches that we’ve ever had in such a short period of time," said CEO Albert Bourla.

UPS topped Street forecasts for its fourth quarter earnings, but a slump in international deliveries kept revenue gain in check.

GM blasted Street profit forecasts with adjusted earnings of $2.12 per share on revenues of $43.1 billion.

“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed," said CEO Darren Woods.