Amid Best Buy's (BBY) 9% growth in comparable store sales for its most recent quarter, Kenny Polcari, managing director at O'Neil Securities said the retail sector is seeing quite the turnaround.

"They blew it out of the water - they're competing head to head with Amazon (AMZN) ," he said, adding that any broader market pullback may affect retail stocks.

Macy's (M) and TJX Companies (TJX) also posted upbeat earnings earlier this week. Nordstrom (JWN) releases quarterly earnings after the closing bell on Thursday.

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