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Wall Street dips as Amazon-Whole Foods deal slams retailers

Amazon shares were up 3.4% at $997.84, while Whole Foods surged 27.7%


US stocks dipped on Friday as shares of Wal-Mart and other retailers were hammered after announced its entry into the brick-and-mortar retail business with its $13.7 billion deal to buy upscale grocer Whole Foods. The deal rattled the retail sector. The S&P 500 consumer staples index dropped 1.14 percent, weighed down by Wal-Mart, Costco and Kroger. Wal-Mart, which also announced a deal to buy online clothing retailer Bonobos for $310 million, dropped 5 percent and weighed the most on the S&P 500 and the Dow. Amazon shares were up 3.4 percent at $997.84, while ...

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First Published: Fri, June 16 2017. 20:20 IST