Retailers need to end back-to-school season

After a brutal calculation in their first quarter, retailers could really use a back-to-school shopping season.

Retail stocks, which surged last year, fought a battle in May after earnings results from industry giants like Walmart and Target show that demand for discretionary goods is slowing. A basket of retail stocks in the S&P 500 so far is down 29.4 percent year-over-year, 12.5 percentage points below the broader index.

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