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.
“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)
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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)
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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)