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.
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)