(CNBC) — Retail stocks fell sharply on Tuesday, capping gains in the broader market.
The SPDR S&P Retail ETF (XRT) fell 2.4 percent, with shares of Advance Auto Parts on pace for its worst day ever after posting weaker-than-expected earnings. Dick's Sporting Goods also took a hit, shedding 21 percent after the company's results missed the mark. The company also revised lower its 2017 outlook.
"Dick's Sporting Goods revising its forecast down is very bad, especially for a company in an area thought to be 'Amazon proof,'" said Kim Forrest, senior equity analyst at Fort Pitt Capital. "I think the negative sentiment is spilling over across the retail sector."
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