Why Nordstrom Lost 12% Last Month

Shares of Nordstrom (NYSE: JWN) pulled back last month as a resurgence of COVID-19 cases dampened the company's prospects of a recovery and other signs showed the company is still struggling during the pandemic. Department store stocks like Nordstrom slipped in July as another spike in COVID-19 cases dashed hopes for a quick recovery that would bring shoppers back to stores. Early in the month, a report emerged that Nordstrom told landlords that it would pay half its rent for the year despite the fact that such a move could result in a lawsuit, suggesting the company expected challenges to continue.