Retail stocks fell on Wall Street today as investors picked through the minutes of last month’s Federal Reserve meeting and found some participants contemplating a tighter monetary policy — which could slow economic growth.
The S&P 500 Retailing Industry Group fell 1.3 percent, or 9.47 points, to 699.43, as the Dow Jones Industrial Average declined 0.8 percent, or 108.13, to 13,927.54. Contributing to the retail index’s decline were Abercrombie & Fitch Co., down 2.4 percent to $50.84; Nordstrom Inc., 2.3 percent to $55.15; Macy's Inc., 2.3 percent to $39.51, and Tiffany & Co., 1.9 percent to $64.40.
Shares of Michael Kors Holdings Ltd. also fell, dropping 5.2percent to $61.50, after the company said late Tuesday that early investors planned to sell another 25 million Kors shares on the open market. The news came just after the stock hit an all-time high of $64.84.
Minutes from the last Fed meeting on monetary policy showed, “a number of participants stated that an ongoing evaluation of the efficacy, costs, and risks of asset purchases might well lead the committee to taper or end its [debt] purchases before it judged that a substantial improvement in the outlook for the labor market had occurred.”
Others at the meeting argued the Fed should continue to buy back debt.
The central bank, led by chairman Ben S. Bernanke, has been buying debt to keep interest rates low in hopes of growing the economy fast enough to bring down unemployment, currently at 7.9 percent.
In Europe, stock markets were mostly down. The FTSE MIB in Milan retreated 0.8 percent to 16,527.50 as the CAC 40 in Paris was down 0.7 percent to 3,709.88 and the DAX in Frankfurt fell 0.3 percent to 7,728.90.
The FTSE 100 in London edged up 0.3 percent to 6,395.37.
Retail and luxury stocks were also mixed, with the day’s biggest gainers including Hugo Boss, up 2.4 percent to 89.47 euros; Luxottica Group, 1.5 percent to 34.89 euros, and Yoox, 2.3 percent to 14.47 euros.
Among the stocks that lost the most ground were Metro AG, down 1.3 percent to 24.00 euros; Inditex, 1.8 percent to 100.65 euros, and Asos.com, 1.6 percent to 27.85 pounds. The euro traded at $1.34 while the pound went for $1.55 and the Swiss franc traded at $1.08.
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
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye