Retail stocks shot up to another all-time high today — and are up 37 percent for the year so far — despite a very negative read on consumer confidence.
The S&P 500 Retailing Industry Group gained 1.2 percent, or 10.47 points, to 894.77 as the S&P 500 increased 0.6 percent, or 9.84 points, to 1,771.95, record closes for both indices. The Dow Jones Industrial Average rose 0.7 percent, or 111.42 points, to 15,680.35.
Leading the gainers in the fashion sector were Quiksilver Inc., up 11.9 percent to $8.28 after the company revealed a price tag of $51.5 million for its deal to sell Mervin Manufacturing Inc., and Sears Holdings Corp., which said it might separate its Lands’ End and Sears Auto Center divisions from its main business, gained 11.8 percent to $62.09.
Despite the good feelings in the market, shoppers are feeling worse.
The government shutdown and debt ceiling debate took a big toll on October consumer sentiment, which fell to 71.2 from 80.2 last month, according to The Conference Boards Consumer Confidence Index.
Sentiment is now at the lowest level since April and came in significantly weaker than the reading of 75 economists projected.
In Europe, markets were also making gains and the FTSE MIB in Milan led the way, jumping 2.3 percent to 19,256.90. The FTSE 100 in London was up 0.7 percent to 6,774.73, while the CAC 40 in Paris advanced 0.6 percent to 4,278.09, and the DAX in Frankfurt increased 0.5 percent to 9,022.04.
The euro traded at $1.38, while the pound fetched $1.62 and the Swiss franc went for $1.12. Retail and luxury stocks put on a mixed show, with the day’s biggest gainers including Asos.com, up 4.9 percent to 55.16 pounds and,Yoox.com, 3.3 percent to 25.05 euros.
Among the stocks that lost the most ground were Mulberry Group, down 2.5 percent to 10.11 pounds; The Swatch Group, 1.2 percent to 99.60 Swiss francs, and Compagnie Financière Richemont, 1.4 percent to 92.70 Swiss francs.
@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)