As retailers gear up for the onset of the holiday shopping season, many released earnings today and the Commerce Depart reported retail sales rose last month.
Retail sales rose 0.5% in October, or 0.6% excluding auto sales.
The figure exceeded economist expectations, and compares to a 1.1% gain in September.
Wal-Mart (NYSE:WMT) and Home Depot (NYSE:HD) were among the major retailers reporting results today.
Saks (SKS) posted earnings that fell short of analyst estimates, although revenue exceeded expectations. TJX (NYSE:TJX) reported earnings per share ahead of analyst forecasts, however revenue fell short.
The Retail HOLDRS (AMEX:RTH) ETF, with Wal-Mart (NYSE:WMT) and Home Depot (NYSE:HD) as its top two holdings, is trading down .7% Tuesday.
The Dynamic Retail Portfolio (AMEX:PMR), with iconic department store Macy's (NYSE:M) as its top holding and TJX in its top five, is trading up .5%.
And the SPDR S&P Retail ETF (AMEX:XRT), with a broad range of holdings, is trading down over .6% Tuesday.
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