Market Live

Saturday, 17 June 2017

Wall Street dips as Amazon, Whole Foods deal roils retail

US stocks mostly edged lower on Friday as Amazon.com's USD 13.7 billion deal to buy upscale grocer Whole Foods roiled the retail sector and wounded shares of an array of companies including Wal-Mart and Target. The deal by Amazon, a proven retail disruptor, marked a major step by the internet retailer into the brick-and-mortar retail sector. Wal-Mart shares sank 5 percent, weighing the most on the S&P 500 and the Dow. Shares of Target , CVS Health and Costco fell between 4 percent and 7 percent. Amazon shares gained 3.6 percent, making the stock the biggest boost to the S&P 500. Whole Foods shares surged 30 percent.

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