Apparel and footwear stocks soar with China anxiety easing a bit
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Positive developments out of China sent the broad apparel and footwear sector higher on Wednesday,
PVH Corporation (PVH
+8.6%), Ralph Lauren (RL
+7.7%), Capri Holdings (CPRI
+7.2%), Canada Goose (GOOS
+6.6%), Kontoor Brands (KTB
+4.9%), Vince (VNCE) and Levi Strauss (LEVI
+6.0%) were some of the notable gainers from the apparel sector.
Footwear stocks Crocs (CROX
+8.3%), Caleres (CAL
+7.6%), Skechers (SKX
+6.4%), Allbirds (BIRD
+13.5%), Steven Madden (SHOO
+3.3%) and Wolverine World Wide (WWW
+2.8%) also made strong moves.
Retailers that sell apparel and footwear also rallied with Shoe Carnival (SCVL
+9.4%), Boot Barn Holdings (BOOT
+5.6%), Victoria's Secret (VSCO
+8.1%) and Lululemon (LULU
+4.7%) standing out.
Nike (NYSE:NKE) also bounced back from its 2022 low with a 3.69% break higher. The athletic apparel giant is set to report earnings next week.
Signs out of China earlier in the day were that some companies see the current COVID-19 outbreak as manageable, supply chains may have been overstated and that there has been a general cooling of tension over U.S.-listed Chinese companies. Beijing was also reported to be taking several market friendly measures, including on matters relating to monetary policy in order to boost the local economy.