Black Friday is projected to be the strongest in years — here's how retail stocks are reacting
- Black Friday 2018 spending was projected to climb by 5.7% versus a year ago, which would be the fastest growth since 2011.
- Retail stocks were mixed.
- Watch the SPDR S&P Retail ETF trade live.
Retail stocks were mixed following projections Black Friday 2018 will be the strongest in years.
Total spending over the Black Friday weekend was expected to climb 5.7% versus a year ago to $59.6 billion, according to estimates by GlobalData Retail. That would make for the strongest growth rate since 2011.
"More people have already shopped than at this point last year, and their average spend is higher," Neil Saunders, the firm's managing director, said in a statement. "The numbers who say that they have yet to shop or that they have more to buy are also up on 2017."
Big box retailers like Walmart (+0.83%), Best Buy (+0.71%), and Target (-2%) traded mixed. The SPDR S&P retail exchange-traded fund gained 0.7%. Elsewhere, the department stores Macy's (-1.44%) and Nordstrom (-0.88%) were weaker.
Meanwhile Amazon (+0.34%) gained following data from Adobe Analytics that showed online spending on the day before Thanksgiving was up a whopping 31.8% from a year ago to $2.4 billion. That total increased by another $1.75 billion by 5 p.m. ET on Thanksgiving Day.
Despite the reports of increased spending, credit card giants Mastercard (1-.74%), Visa (-0.39%), and American Express (-0.17%) were all lower.
Kate Taylor contributed to this report.
Join the conversation about this story »
NOW WATCH: Trump once won a lawsuit against the NFL — but the result was an embarrassment