Wider second-quarter losses at Saks Inc., the attendant sell-off in the company’s shares and weakness at other retailers just added to the market’s woes Tuesday. Continued troubles among financial firms, signs of renewed inflation pressures and an 11 percent drop in housing starts from June to July all conspired to push the Dow Jones Industrial Average down 1.1 percent, or 130.84 points, to 11,348.55, as the broader S&P 500 dipped 0.9 percent, or 11.91 points, to 1,266.69. The S&P Retail Index fell a steeper 2.7 percent, or 10.62 points, to 383.12 points.
The impact of one of the worst consumer economies in a generation is coming into sharper focus with second-quarter results, and it seems to have hit department stores particularly hard. Saks isn’t the only stock falling out of investors’ favor. Other decliners for the day included Macy’s, Dillard’s, Bon-Ton and J.C. Penney, which last week reported a 35.7 percent drop in second-quarter earnings as well as plans to adjust some of the product and pricing of its American Living brand made by Polo Ralph Lauren.
Steve Aoki held a presentation, a runway show and outdoor concert for his men's line Dim Mak. Here's a look from his spring 2018 collection, which was titled "Paradise Found." #wwdfashion #wwdmens (📷: George Chinsee)
"It's really hard sometimes. I think I have a reputation for being really tough and aggressive and pushy but I really am a very shy person who wants to be liked, and that's the conflict constantly. There's something that takes hold - I want people to like me, I don't want to be mean - but if I see something that just cries out to be answered, I go for it," says renowned NBC News correspondent Andrea Mitchell. (📷: @axeldupeux)