Retail stocks gained ground at the close on Wall Street today, fighting back from a midday decline that came on the heels of a weaker-than-expected take on consumer confidence.
The preliminary January reading of the Thomson Reuters/University of Michigan’s index of consumer sentiment showed a decline to 71.3 from 72.9 the month before. Economists expected the gauge of sentiment to rise to 74.
The confidence index now stands at its lowest level since December 2011.
“Americans are noticing that their paychecks are smaller, and debt ceiling fatigue is starting to kick-in,” said Chris Christopher, U.S. economist at forecasting firm IHS Global Insight, in an analysis. “Discretionary consumer spending is likely to suffer since a smaller paycheck, and falling consumer confidence will bring caution into play at the mall.”
The drop in sentiment didn’t have a lasting impact on the market. The S&P Retailing Industry Group began the session by hitting a new all-time high of 685 and then fell into a funk before rebounding. As trading settled, the index was up 0.4 percent, or 2.49 points, to 684.40. The Dow Jones Industrial Average inched up 0.4 percent, or 53.68 points, to 13,649.70. U.S. markets are at or near multi-year highs.
Among the day’s fashion gainers were Movado Group Inc., 9.3 percent to $37.17; Tumi Holdings Inc., 5.6 percent to $23.78; J.C. Penney Co. Inc., 4 percent to $18.87; The Bon-Ton Stores Inc., 3.1 percent to $13.82, and Express Inc., 3.1 percent to $18.16.
In Europe, stocks were generally down outside of London, where the FTSE 100 gained 0.4 percent to 6,154.41.
Frankfurt’s DAX fell 0.4 percent to 7,702.23, as Milan’s FTSE MIB decreased 0.2 percent to 17,554.13 and Paris’ CAC 40 slipped 0.1 percent to 3,0741.58.
The decliners included Mulberry Group, down 2 percent to 12.50 pounds; Luxottica Group, 0.8 percent to 33.12 euros; ASOS.com, 0.7 percent to 26.82 pounds, and LVMH Moët Hennessy Louis Vuitton, 0.5 percent to 141.45 euros.
The pound traded at $1.59 against the dollar, while the euro went for $1.33.
The New York Stock Exchange will be closed Monday in observance of the Martin Luther King, Jr. Day holiday.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty