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.
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews
“Stranger Things” is getting a new cast member for season 2. Meet @sadiesink_, the 15-year-old who will be joining the Netflix series for its new season. You may recognize her from “The Glass Castle” with Brie Larson and Woody Harrelson, but the Texas native’s next role goes in an entirely different direction. She describes her character, Max, as “a rough and tumble skater girl [who] becomes friends with the boys at school.” The second season debuts on October 27. (📷: @jgreenery) #wwdeye
Amid the Harvey Weinstein controversy, there’s another sector that’s being put under the spotlight for sexual abuse: the modeling industry. While rumors about abuse and sexual harassment of female and male models — and the photographers, agents and others who perpetrated it — have circulated within the fashion world for years, model @cameronrussell started posting stories from models on Instagram last week about abusive situations they’ve encountered — from sexual harassment and molestation to attempted rape. Over 75 have weighed in so far. Read more on WWD.com. Link in bio. #wwdnews
To celebrate its 16th anniversary, @dylanscandybar tapped designers and celebrities to create mosaics out of candy. The mosaics will be auctioned off to support the philanthropic cause of each participant’s choice. Pictured here is the mural created by @aliceandolivia's Stacey Bendet. For a first look at some of the other artwork being unveiled tonight, go to WWD.com. #wwdeye
The annual Veuve Clicquot Polo Classic in Pacific Palisades this weekend drew Kate Hudson, Tracee Ellis Ross, Laura Dern and more. See pictures of the star-studded event on WWD.com. (📷: @chelsealaurenla) #wwdeye
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye