Retail stocks modestly outperformed the market today in an unusual day for Wall Street, when an erroneous report on the Associated Press’ Twitter feed briefly sent the Dow Jones Industrial Average down more than 140 points.
Just after 1:00 p.m. on Wall Street, the AP Twitter feed reported there had been explosions at the White House and that President Obama had been injured. The news organization immediately denied the report and said its Twitter account had been hacked.
Investors who were quick to sell were also quick to buy and markets bounced back within 15 minutes. The S&P 500 Retailing Industry Group closed ahead 1.1 percent, or 8.32 points, to 745.55 as the Dow gained 1.1 percent, or 152.29 points, to 14,719.46.
The other stocks gaining ground included Maidenform Brands Inc., up 3.7 percent to $18.30; Destination XL Group Inc., 3.7 percent to $4.81; Tilly's Inc., 3.4 percent to $13.74, and Michael Kors Holdings Ltd., 3.3 percent to $54.09.
Markets were very strong in Europe as investors hoped the European Central Bank would cut interests to spur economic growth.
Paris’ CAC 40 shot up 3.6 percent to 3,783.05, as Milan’s FTSE MIB rose 2.9 percent to 16,490.77, Frankfurt’s DAX increased 2.4 percent to 7,658.21 and London’s FTSE 100 advanced 2 percent to 6,406.12.
Among those joining the rush up were Safilo Group, which rose 13.8 percent to 11.95 euros after the company posted a 12.1 percent gain in first-quarter earnings; Kering, the former PPR, 4.8 percent to 172.50 euros; Salvatore Ferragamo, 3.6 percent to 22.17 euros; Burberry Group, 3.4 percent to 13.22 pounds; Tod’s, 2.9 percent to 109.60 euros, and LVMH Moët Hennessy Louis Vuitton 2.7 percent to 125.10 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
@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)