Apparel and footwear stocks soar with China anxiety easing a bit

China map

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Positive developments out of China sent the broad apparel and footwear sector higher on Wednesday,

PVH Corporation (PVH + 8.6%)Ralph Lauren (RL + 7.7%)Capri Holdings (CPRI + 7.2%)Canada Goose (GOOS + 6.6%)Office Brands (KTB + 4.9%)Vince (VNCE) and Levi Strauss (LEVI + 6.0%) were some of the notable gainers from the apparel sector.

Footwear stocks Crocs (CROX + 8.3%)Caleres (CAL + 7.6%)Skechers (SKX + 6.4%)Allbirds (BIRD + 13.5%)Steven Madden (SHOO + 3.3%) and Wolverine World Wide (WWW + 2.8%) also made strong moves.

Retailers that sell apparel and footwear also rallied with Shoe Carnival (SCVL + 9.4%)Boot Barn Holdings (BOOT + 5.6%)Victoria’s Secret (VSCO + 8.1%) and Lululemon (LULU + 4.7%) standing out.

Nike (NYSE: NKE) also bounced back from its 2022 low with a 3.69% break higher. The athletic apparel giant is set to report earnings next week.

Signs out of China earlier in the day were that some companies see the current COVID-19 outbreak as manageable, supply chains may have been overstated and that there has been a general cooling of tension over US-listed Chinese companies. Beijing was also reported to be taking several market friendly measures, including on matters relating to monetary policy in order to boost the local economy.

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