Hedge funds are betting that the U.S. consumer is in for a difficult ride.
Data from Goldman Sachs’s prime lending finds that hedge funds over the last month have moved into consumer staples while selling consumer discretionary stocks. According to the bank, short sales have outpaced long buys by a 1.4-to-1 ratio, led by increased shorting in hotels, restaurants and leisure, specialty retail and automobiles.
One measure of retail stocks, the SPDR S&P Retail ETF XRT, has gained just 3% this year, compared to the 17% rise for the broader S&P 500 SPX. The retail ETF has dropped 17% from its high in February.
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