Stock markets around the world fell today, leaving U.S. retail shares down 1.1 percent as investors looked ahead to Friday’s report on employment.
The S&P 500 Retailing Industry Group was down 8.58 points to 771.72 as trading settled and the Dow Jones Industrial Average closed off 1.4 percent, or 216.87 points, to 14,960.67.
The fashion-industry decliners included Jos. A. Bank Clothiers Inc., off 3.9 percent to $42.96 after the company said its first-quarter earnings fell 45.5 percent to $8.1 million as comparable-store sales dropped 8.5 percent; New York & Company Inc., 3.3 percent to $5.52; Under Armour Inc., 3.1 percent to $59.63, and Nordstrom Inc., 2.3 percent to $58.01.
The U.S. private sector added 135,000 jobs in May, according to the ADP National Employment Report. That’s better than the 113,000 positions added in April, but not as strong as the 165,000 economists projected.
Investors are focused on the Labor Department’s more comprehensive look at the employment market on Friday.
Unemployment is expected to stay steady at 7.5 percent. But the Federal Reserve has said it would likely keep interest rates low until the unemployment rate falls to 6.5 percent — meaning the market could take an unexpected drop in unemployment as a bad sign as it would eventually lead to higher interest rates.
Markets have become increasingly volatile as investors zero in on interest rates. The Nikkei 225 in Tokyo fell 3.8 percent to 13,014.87 today, setting Europe up for slightly lesser declines.The FTSE 100 in London dropped 2.1 percent to 6,419.31 as Paris’ CAC 40 slowed 1.9 percent to 3,852.44, Frankfurt’s DAX contracted 1.2 percent to 8,196.18, and Milan’s FTSE MIB shrank 1 percent to 16,971.17.
The pound traded at $1.51 against the dollar, while the euro was worth $1.31.
Retail and luxury stocks echoed the downturn. Among those losing the most ground were Burberry, down 2.9 percent to 13.94 pounds; L’Oréal, 2.8 percent to 125.65 euros; LVMH Moët Hennessy Louis Vuitton, 2.6 percent to 131 euros, and Asos.com, 2.5 percent to 39.12 pounds.
Making gains were Safilo, up 2 percent to 15.65 euros, and Inditex, 1.2 percent to 99.11 euros.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)