Retail stocks rose 1.6 percent Tuesday as increasing optimism that Greece would be able to work out its debt troubles outshined a bigger-than-expected drop in consumer confidence, which underscored continuing weakness in the U.S. economic recovery.
The S&P Retail Index increased 8.20 points to 526.62 as the Dow Jones Industrial Average advanced 1.2 percent, or 145.13 points, to 12,188.69. Nike Inc. led the way up with a 10.1 percent rise to $89.90 following stronger-than-expected fourth-quarter sales and profits, reported Monday afternoon.
Although a resolution of the latest Greek crisis would inject a good deal of certainty into the markets, investors still have to contend with mixed signals from a U.S. recovery that has proven to be much weaker than was predicted earlier this year.
On Tuesday, The Conference Board said its Consumer Confidence Index fell to 58.5 this month, down from 61.7 in May, the lowest reading for the year so far. On average, economists projected a lesser decline to 61.
Both components of the gauge of consumer sentiment fell in June with the Present Situation Index down to 37.6 from 39.3 and the Expectations Index down to 72.4 from 76.7.
“Consumers rated both current business and labor market conditions less favorably than in May, and fewer consumers than last month foresee conditions improving over the next six months,” said Lynn Franco, director of The Conference Board Consumer Research Center.
Consumers remained pessimistic about the outlook for the job market over the next six months. Those who expect more jobs ahead decreased to 14.2 percent from 16.7 percent, while those who anticipate fewer jobs remained at 20.3 percent.
Washington is trying to change that dynamic. The White House and Capitol Hill lawmakers struck a deal Tuesday to advance trade agreements with South Korea, Panama and Colombia.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye