Online retailer Amazon is ready to shake up the drugstore market as the company announced it would acquire online pharmacy PillPack. ETFs with the heaviest Amazon exposure were mostly down in the early trading session.
As of 11:30am Eastern Time, Vanguard Consumer Discretionary ETF (NYSEArca: VCR) was down .03%, VanEck Vectors Retail ETF (NYSEArca: RTH) was down 1.13%, iShares Edge MSCI Mltfct Cnsmr Discr ETF (BATS: CNDF) was down 1.95%, and iShares US Consumer Services ETF (NYSEArca: IYC) was down 0.19%.
Consumer Discret Sel Sect SPDR ETF (NYSEArca: XLY) was the sole ETF bucking the losing trend as it was up 0.11%.
Amazon’s announcement of its foray into the drugstore market didn’t bode well for competitors, such as Walgreens, CVS Health and Rite Aid–all three of their stock prices plunged following the news–Walgreens down 9.3%, CVS Health down 9.05% and Rite Aid down 10.41%.