Stocks fell on Wednesday after the S&P 500 posted its first back-to-back loss since early September, while Treasury yields moved higher.
With inflation becoming less of an issue, UBS is optimistic about the holiday shopping season. The firm said perceptions about rising costs are a key factor driving spending decisions. Also, its recent market research suggests consumers are feeling more financially secure than the same time last year and they are less focused on paying down debt or boosting their savings.
'Clothing remains a desired gift,' UBS analysts wrote in their holiday outlook, where they picked buy-rated softline stocks like Deckers , PVH , On Holding and TJX as their favorites. So far this year, the performance of the group has been a mixed bag. Sneaker maker On Holding, Ugg-owner Deckers and Marshalls parent TJX have all outperformed the market year to date, but shares of PVH, which owns the Calvin Klein and Tommy Hilfiger brands, are down 23% since the year began.
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