U.S. retail stocks gave up ground today as both the Dow Jones Industrial Average and S&P 500 reached milestones they were unable to hold as trading ended.
The S&P Retailing Industry Group contracted 0.9 percent to 919.33 as many broadlines retailers gave back some of the gains they registered last week.
The Dow topped 16,000 for the first time ever before settling at 15,976.02, up 0.1 percent, at the end of the trading day. The S&P 500 finished the day down 0.4 percent at 1,791.53 after peaking at 1,802.33, its first visit above 1,800, earlier in the day.
Facebook Inc. and Twitter Inc. were both caught in the sell-off with identical declines of 6.5 percent to $45.83 and$41.14, respectively. J.C. Penney Co. Inc. shed 3.5 percent to land at $8.71 while The Bon-Ton Stores Inc. receded 3.7 percent to $12.80 and Sears Holdings Corp. declined 2.1 percent to $63.01.
Among issues tracked by WWD, gains were concentrated among specialty stores, with American Apparel Inc., The Wet Seal Inc. and Pacific Sunwear of California Inc. rallying more than 3 percent. Guess Inc., American Eagle Outfitters Inc., Abercrombie & Fitch Co. and The Buckle Inc. also finished in positive territory for the day.
Investors reacted to Carl Icahn’s “very cautious” outlook on stocks, delivered during an address to the Reuters Global Investment Outlook Summit, and to the expected release on Wednesday of notes from the last meeting of the Federal Reserve, which determined that the U.S. economy remained too weak to justify a pull back in the central bank's support for the economy.
Europe’s markets rose, helped along by stronger-than-expected data on trade in the euro zone.
The FTSE MIB led the way up, rising 2.2 percent to 19,105.46, while the CAC 40 in Paris grew 0.7 percent to 4,320.68, Frankfurt’s DAX gained 0.6 percent to 9,225.43 and London’s FTSE 100 advanced 0.5 percent to 6,273.46.
The euro traded at $1.35 against the dollar and the pound was worth $1.61.
Retail and luxury stocks were mostly up, with the day’s strongest gainers including Safilo, up 5.7 percent to 16.96 euros; Yoox.com, 5 percent to 30.25 euros; Mulberry, 4.6 percent to 10.72, and Luxottica, 2.5 percent to 39.73 euros.
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion
Eighty degree temperatures and outdoor installations at the annual Art Basel Miami Beach called for bright, elevated beachwear. See more street style pictures on WWD.com. #theyarewearing #ABMB (📷: @lifeinreverie)
Following September’s emotional tribute to her brother Gianni, Donatella Versace wanted to bring the spring show’s deep sense of intimacy to her @versace_official pre-fall collection. Donatella found inspiration in Versace Palazzo in Milan and from Gianni’s opulent apartment. Archival patterns and new motifs were splashed on silk shirtdresses and fitted jersey frocks. See the rest of the photos on WWD.com. #wwdfashion
Demna Gvasalia continues to shake up the Paris fashion calendar — and experiment with new runway timetables for his @vetements_official brand. WWD has learned that Vetements plans to stage its next coed show for the fall 2018 season on January 19 during Men’s Fashion Week in the French capital. Details about the timing and venue have not been confirmed — stay tuned on WWD.com to catch the latest. #wwdnews (📷: @giovanni_giannoni_photo)
@zacposen's go-to holiday gift? Cookies! "I'll usually bake cookies and send them as a gift," said the designer, who recently released his cookbook "Cooking With Zac: Recipes from Rustic to Refined." Get the recipe for his Brown Butter-Chocolate Chip Cookies via link in bio 🍪🍪🍪 #wwdeye #cookingwithzac
For @monsemaison’s pre-fall 2018 collection, Fernando Garcia and Laura Kim honed in on the brand’s many signatures — men’s wear, which was tweaked and feminized through deconstruction, proportion play and lots of bare shoulders. See the rest of the photos on WWD.com #wwdfashion (📷: George Chinese)
On Friday night, @yohjiyamamotoofficial received the Design for Asia Lifetime Achievement Award in Hong Kong. The 75-year-old designer has been celebrated for many years and is best known for his dark and avant-garde tailoring. “In my long career, in design, architecture, [I’ve been to] so many parties, this is the very first time that I have such a warm feeling, I really appreciate this,” Yamamoto said. #wwdfashion (📷: @dominiquemaitre)