Stocks gave back some recent gains today, with retail shares ending a string of six consecutive days of advances.
The S&P 500 Retailing Industry Group was off 0.4 percent to 888.66 for its first decline since Feb. 3. The major indices weathered smaller descents as the Dow Jones Industrial Average surrendered 0.2 percent to end the day at 15,963.94 and the S&P 500 fell less than 0.1 percent to 1,819.26.
After clearing the House of Representatives on Tuesday, a bill to raise the nation’s debt ceiling cleared the Senate Wednesday by a 55-43 vote. That clears the way for President Obama’s signature and avoids another episode of Congressional gridlock such as the one that led to last October’s government shutdown.
Among those gaining traction during the session were watchmakers Movado Group Inc., up 6.5 percent to $41, and Fossil Group Inc., up 3.5 percent to $121.06. Fossil late Tuesday reported fourth-quarter profits well in excess of those expected by analysts and also forecast strong top-line growth in the year ahead.
Also advancing was Citi Trends Inc., which reported reductions in markdowns and inventory at the close of the fourth quarter despite declines in sales during the period. Shares rose 4.6 percent to $16.08.
The steepest decline among fashion, retail and beauty stocks tracked by WWD came from Joe’s Jeans Inc., with shares down 4.6 percent to $1.26 in advance of its fourth-quarter financial report late Thursday. Shares of Amazon.com Inc. fell 3.5 percent to $349.25 while Aérospotale Inc.’s shed 3.3 percent to close at $6.44.
European stock markets made gains at the close of trading on Wednesday, led by the FTSE MIB in Milan, which was up 1.3 percent to 20,144.96.
The DAX in Frankfurt was up 0.7 percent to 9,540.00, while the CAC 40 in Paris rose 0.5 percent to 4,305.50, and the FTSE 100 in London rose just 0.04 percent to 6,675.03.
Retail and luxury stocks put on a mixed show, with the day’s biggest gainers including Yoox.com, 2.1 percent to 30.99 euros; Moncler, 2.3 percent to 14.19 euros; Metro AG, 2.5 percent to 31.73 euros; Bonmarché Holding, 4.1 percent to 2.95 pounds, and Italia Independent, 4.1 percent to 37.50 euros.
Among the stocks that lost the most ground were Kering, 1.2 percent to 154.10 euros; L’Oréal, 1.4 percent to 123.05 euros, and French Connection Group, 1.6 percent to 0.46 pounds.
The euro traded at $1.37 against the U.S. dollar while the pound fetched $1.64 and the Swiss franc equaled $1.12.
Yesterday, the Parisian fashion house @azzaro_official cut the ribbon on a temeporary retrospective at the wing of the Musée des Arts Décoratifs in Paris. The exhibition, which shows the lasting influence of the brand’s founder Loris Azzaro, is titled “Azzaro, Fifty Sparkling Years” and presents 50 looks. In it’s ’70s heyday, fans of the brand included Jane Birkin, pictured here, Raquel Welch, Brigitte Bardot and more. See more photos on WWD.com #wwdfashion
@trinaturk and @macys Inc International Concepts line are linking up on a collection for summer — filled with accessories, swimwear and shoes. The collection will also include a Mr Turk men’s line, both of which are the designer’s first entry into a more accessibly priced area. “It’s very world-traveler, gypset-inspired,” said Turk. The Trina Turk x INC line will launch on May 15th. #wwdfashion
Assouline is paying homage to the late Azzedine Alaïa with a reprint of "Alaïa Livre de Collection.” The book is comprised of photographs of the designer's summer 1992 runway show with models Christy Turlington Burns, Naomi Campbell and Tyra Banks, pictured here at right. #wwdfashion #alaia #tyrabanks
Fall 2018 accessories take on a painterly hue, with Nebulas Blue among Pantone’s top 10 colors of the season. (📸: @jonghyupstudio ; editor: @twallz21 ; stylist and set designer: @haideefindlaylevin ) #wwdaccessories
@americanapparelusa is relaunching the brand outside of the U.S. today, opening its online store to more than 200 countries. The company is also contemplating a return to brick-and-mortar, though details have not been confirmed. In tandem with the expanded distribution is a recasting of a social media ad campagn, called “Back to Basics,” pictured here, with a focus on diversity and a cast of models above the age of 21. Read more on WWD.com #wwdnews #wwdfashion
Exclusive: @britneyspears is continuing to expand her brand. The pop icon, who appears in @kenzo ’s latest campaign, is partnering with Epic Rights to launch a line of branded merchandise. Read @hernameislex ‘s story, link in bio. #wwdnews #britneyspears
The Duchess of Cambridge channeled Princess Diana’s look upon giving birth to Prince Harry, when she and the Duke of Cambridge departed the hospital with the new baby Prince this afternoon in London. #wwdeye #princeofcambridge
The new Prince of Cambridge has arrived! The Duke and Duchess of Cambridge posed with the 8-pound newborn. She wore a look from one of her go-to designers, @jennypackham. Tap link in bio for more. #wwdeye #princeofcambridge