U.S. retail stocks fell for the third-straight day after a stronger-than-anticipated reading on the job market helped resurrect worries that the Federal Reserve would begin to pull back its support for the economy.
The S&P 500 Retailing Industry Group declined 0.2 percent to 917.24 and the Dow Jones Industrial Average also retreated 0.2 percent, to 15,889.77.
The ADP National Employment report showed that the nation added 215,000 private sector jobs last month — 40,000 more jobs than economists projected on average. The Ben S. Bernanke-led Fed has indicated that it will begin to pull back on bond purchases as employment improves. That would cause interest rates to rise and dampen the stock market.
Among the day’s decliners were Express Inc., down 23 percent to $19 after the retailer cut its earnings outlook for the year and said holiday promotions would be steeper than expected, and Sears Holding Corp., which fell 8.3 percent to $50.92 after chief executive officer Edward Lampert’s still-commanding stake in the company fell below 50 percent.
And investors remained skeptical about J.C. Penney Co. Inc., which fell 4.5 percent to $9.66 even though the company said November comparable-store sales rose 10.1 percent.
Markets were also slipping in Europe, with Frankfurt’s DAX leading the way.
The German market declined 0.9 percent to 9,140.63, followed by Paris’ CAC 40, which fell 0.6 percent to 4,148.52 and London’s FTSE 100, off 0.3 percent to 6,509.97 and Milan’s FTSE MIB, down 0.3 percent to 18,312.96.
The euro traded at $1.36, while the pound fetched $1.64, and the Swiss franc equaled $1.10.
Retail and luxury stocks were mixed, with the day’s biggest gainers including Mulberry Group, 3.5 percent to 10.25 pounds and Yoox.com, 1.9 percent to 30.57 euros. Among the stocks that lost the most ground were Brunello Cucinelli, down 2.5 percent to 25.36 euros, and LVMH Moët Hennessy Louis Vuitton, off 1.6 percent to 132.35 euros.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast