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.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)