U.S. retail stocks bucked the broader trend and traded modestly higher today as most global indices ended their trading session down.
The S&P 500 Retailing Industry Group rose 0.2 percent to 898.25 while the Dow Jones Industrial Average fell 0.1 percent to 15,618.22.
Among the top gainers were Michael Kors Holdings, which rose 5.8 percent to $79.13 and hit a market capitalization of $16 billion after the company topped second-quarter expectations and raised its fiscal 2014 guidance. Also up were American Apparel Inc., rising 4.8 percent to $1.31, and Fossil Group Inc., increasing 2.9 percent to $134.02. Fossil reported a 16.8 percent rise in third-quarter profits after the equity markets closed.
Among those losing ground were The Bon-Ton Stores Inc., down 4 percent to $11.17, and Pacific Sunwear of California Inc., off 2.6 percent to $2.58.
The day’s trading sessions began in Asia with the Nikkei 225 in Tokyo up 0.2 percent to 14,225.37, while the Hang Seng Index in Hong Kong fell 0.7 percent to 23,038.95.
The European markets closed down after the European Commission downgraded its forecast for economic growth in the euro zone in 2014 to 1.1 percent, down from the 1.2 percent it expected previously. The FTSE MIB in Milan fell the furthest, by 1.1 percent to 19,091.93, followed by the CAC 40 in Paris, which dropped 0.8 percent to 4,253.34. London’s FTSE 100 and Frankfurt’s DAX each lost 0.3 percent, to 6,746.84 and 9,009.11, respectively.
Retail and luxury stocks were mostly down in the region. Burberry and LVMH Moët Hennessy Louis Vuitton, which both lost 1.6 percent, to 15 pounds and 139.65 euros, respectively. Kering dropped 1.8 percent to 165.30 euros.
Among the stocks gaining ground were Gemfields, up 7.4 percent to 0.35 pounds, after it reported a “solid” quarter at its emerald and ruby mines in Mozambique, and Mulberry, 5.2 percent to 10.51 pounds. Marks & Spencer increased 4.5 percent to 5.09 pounds after it said first-half pre-tax profits were up 0.1 percent to 280.6 million pounds, or $432.1 million, in the period ended Sept. 28, boosted by extraordinary gains, which included property disposals in London.
The pounded traded at $1.60 against the dollar while the euro fetched $1.35.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)