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.
@margotrobbie steps out onto the red carpet wearing @miumiu. The actress is nominated for “Outstanding Performance by a Female Actor in a Leading Role” in “I, Tonya” at the #SagAwards. (📷: Stewart Cook) #wwdfashion
For @massimogiorgetti of @msgm, the Nineties are his favorite decade. “They had a huge impact on my personal growth. What I like of the Nineties is that they are not so precise in terms of style as other decades…there was actually a bit of everything,” he said. As seen on MSGM’s Spring 2018 show: tie-dye and a bit of grunge, two styles that are synonymous with the decade #wwdfashion #wwddecades (📷: @kukukuba)
Breaking News: @hedislimane joins @celine as its new artistic, creative and image director. One of fashion’s preeminent image-makers and trendsetters, Slimane is to join the LVMH brand on Feb. 1 and unveil his first fashion proposition for men and women next September during Paris Fashion Week. It marks a major homecoming for Slimane, who cemented his reputation – and influenced men’s tailoring for more than a decade – as the designer of Dior Homme between 2000 and 2007. He went on to reinvent and ignite the house of Yves Saint Laurent, which he rechristened Saint Laurent, between 2012 and 2016 – all the while maintaining a close relationship with the Arnault family, which controls LVMH and Dior. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
“Personally I believe the Eighties have been the richest and more vivacious period for international fashion,” Giorgio Armani said when asked what his favorite decade of fashion is. It was a moment of disruption and experimentation and only thinking back to the first years of that decade is always an emotion for me, for what they have meant to me and my work.” The influence is clear in @giorgioarmani spring 2018 collection, pictured here, which was full of bright colors and unexpected prints. Read more about which decades designers loved most on WWD.com #wwdfashion #wwddecades (📷: @aitorrosasphoto)
For Lady Gaga’s only Italian show on her “Joanne World Tour,” the singer wore a range of @versace_official outfits. The standout piece: this custom-made bodysuit inspired by the brand’s spring 2018 collection. #wwdfashion (RG: @ladygaga)
@_camillaruth_ is expanding on the wellness-craze concept with @westbourne – a new NYC restaurant that’s both a healthy-minded café as well as a business that gives back to the community. Marcus works with the Robin Hood foundation to give back to The Door, a non-profit providing youth development services, and also hires employees through The Door. Read our full interview with Marcus on giving back through food on WWD.com. #wwdeye (📷: @lexieblacklock)