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Consumer Sector Update for 06/10/2022: XLP, XLY, KTB, EBET, RGS

Consumer stocks were mixed ahead of the market close on Friday, with the SPDR Consumer Staples Select Sector ETF (XLP) gaining less than 0.1% and the SPDR Consumer Discretionary Select Sector ETF (XLY) retreating 3.4%. The University of Michigan's preliminary consumer sentiment index fell to a record low level of 50.2 in June from 58.4 in May, well below expectations for a much smaller decline to 58.1, while the consumer price index rose by 1% in May on a monthly basis, ahead of expectations for a 0.7% increase. In company news, Kontoor Brands (KTB) shares fell 7% after Goldman Sachs downgraded the stock to neutral from buy and reduced the price target to $41 from $55. EBET (EBET) declined almost 15% after disclosing plans to raise about $3.5 million in gross proceeds through a private placement of common shares and warrants to several institutional investors. Regis (RGS) jumped about 18% after it entered into a partnership with Zenoti, which will provide its technology platform and software services to hair care brands including Supercuts, SmartStyle, and Cost Cutters. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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