Retail ETF Hits 2-Year Peak as Black Friday Looms

ETF XRT is poised to be its best weekly performance since mid-August

Patrick Martin

Managing Editor

Nov 22, 2024 at 1:41 PM

Everyone knows how important Black Friday is for the retail sector, but the buildup in the last few weeks has been almost as pivotal. Target (TGT), TJX (TJX), Walmart (WMT), and other industry names are all reporting earnings, with retail sales data to unpack as well.

The flurry of news ultimately lifted the retail exchange-traded fund (ETF) SPDR S&P Retail ETF (XRT). At last check, XRT was up 2.6% to trade at $80.99, and earlier hit a two-year high of $81.19. The ETF's roughly 2.7% gain for the week is poised to be its best weekly performance since mid-August, with $75 since emerging as a solid floor.

XRT ETF

Despite the breakout this week, options traders have favored puts. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 81,000 puts have changed hands in the last 10 days, compared to 37,000 calls. However, this ratio sits in the 32nd percentile of its annual range, indicating put buying has cooled compared to the past 12 months.

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