Shoppers and retailers spent record amounts on Black Friday and Cyber Monday - or the Friday and Monday after Thanksgiving - according to estimates from Adobe Digital Insights, a division of Adobe Inc.. Friday's sales totaled $9.8 billion and Adobe forecast that retailers could pull in another $12.4 billion Monday from online sales.

The Amplify Online Retail ETF climbed 0.44% and the ProShares Online Retail ETF ended the regular trading session 0.39% higher. The broader VanEck Retail ETF gained 0.02%, and the SPDR S&P Retail ETF was the only one in the group to post declines. It fell 0.59%, giving up some of its gains from Friday.

The Amplify ETF's gains have been driven by top holdings like Affirm Holdings, up 11.97% on Monday and 97% so far in 2023. The VanEck Retail ETF's holdings include Costco,, which gained 0.6% Monday and is up more than 30% so far this year.

By contrast, the S&P 500 closed down 0.2%, while the Nasdaq Composite Index fell 0.1%.

Many ETFs are still well short of their 52-week highs, after a year in which higher interest rates led to doubts about consumer spending. For example, the SPDR S&P Retail ETF trades at $63.64, down from its year high of $75.77.

Forecasts from PwC and Deloitte that U.S. shoppers would finally surpass pre-pandemic holiday spending levels created a "positive outlook" that is "a welcome sign for retailers gearing up for the critical fourth-quarter sales period," said Michael Ashley Schulman, chief investment officer at Running Point Capital. "However, lingering anxiety remains around connecting with inflation-squeezed shoppers in a turbulent environment."

(Reporting by Suzanne McGee; Editing by Ira Iosebashvili and Deepa Babington)

By Suzanne McGee and Bansari Mayur Kamdar