America has a vibescession problem, but if economic data and consumer confidence are any indications, it could be facing a full-fledged recession problem — and investors want no part of that. As a result, they’re selling down the Consumer Discretionary Select Sector SPDR FundXLY

, a fund that holds businesses in travel, dining, and retail. Good for a 4.5% decline year-to-date, these firms would be widely expected to face a slowdown if the economy (and consumer spending) went south.

• A retail oof: The SPDR S&P Retail ETF ($XRT) is down 9.5% over the same period — its weakest links were automotive retail, specialty stores, and other retailers.
• Travel stocks can’t fly: US airlines are falling to their lowest levels in weeks, while the AdvisorShares Hotel ETFBEDZ
  has nosedived 5.5%.
• Dining flashes a warning: The AdvisorShares Restaurant ETFEATZ
  is down 0.5% YTD; not terrible, but disappointing earnings from chains like McDonald’sMCD
  and SweetgreenSG
  have investors on their heels.

Follow the money: Compare theXLY

and other industry-specific funds to the S&P 500’s 0.28% YTD rise for any indication that investors are squeamish. Many of these investors are taking their money to the safer, more recession-proof Consumer Staples Select Sector SPDR FundXLP

. TheXLP

counts large wholesalers, consumer packaged goods goliaths, and tobacco firms among its holdings. By contrast, it’s up 5.3% to start the year, making it the third best-performing S&P sector so far.