US retailers rise after US, China agree to ease some tariffs for 90 days

Shares of retailers surge in early trading after U.S. and China agree to ease some tariffs and a 90-day pause

"While a 30% tariff is still a significant hit to retailers’ margins, ... the tentative deal provides some breathing room as retailers gear up for back-to-school and holiday shopping," says Zak Stambor, analyst with eMarketer

Shares of Nike NKE.N jump 8.3%; as of fiscal 2024, the sportswear giant manufactured about 18% of its footwear and 16% of apparel brands in China

Shares of Lululemon LULU.N, which supplied 26% of fabrics from China during 2023, rise 8.8%

Under Armour UAA.N rises as much as 13.4% to over a month high of $6.62

Sportswear retailer Foot Locker FL.N soars 13.5%

Roger Federer-backed On Holding ONON.N up 2.8%, while Deckers Outdoor DECK.N shares jump 5.4%

Shares of Abercrombie & Fitch ANF.N up ~6% and American Eagle Outfitters AEO.N rise about 10%

Shares of big-box retailer Target TGT.N up ~5%

Beauty stocks Elf Beauty ELF.N surge ~11%, Ulta Beauty ULTA.O up 5% and Coty COTY.N up ~6%

Luxury stocks Estee Lauder EL.N rise 10%, while Tapestry TPR.N up about 5%, and Capri Holdings CPRI.N up ~8%