Top 5 Losers of 2022: XLY
The consumer discretionary sector suffered greatly in 2022 as the demand for cars, apparel, luxuries, hotels, and restaurants dropped dramatically. During hard times people try to diminish all unnecessarily spending and focus primarily on food and other everyday goods. Fears about high inflation and a nearing recession crushed ETF prices by 40% by the end of 2022.
Nonetheless, it could be a good buy opportunity now as ETF consists of stocks of companies like Nike, Toyota, Home Depot, and some others that are now trading way below their peek values. The recent macroeconomic data in the United States point to the fact that fears over stalling consume demand were strongly exaggerated. Retail sales in the U.S. during the Christmas season were surprisingly strong. According to Mastercard, spending of Americans during November 1 through to December 24 rose 7.6% year-on-year, and now companies are looking to hire new staff to catch up with consumer activity.
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