Stocks fell in both the U.S. and Europe today as investors warily watched the economy.
The S&P Retail Index fell 0.6 percent, or 3.86 points, to 621.21, as the Dow Jones Industrial Average sank back below 13,000, losing 0.5 percent, or 68.65 points, to end at 12,964.10.
Retail's decliners included Vera Bradley Inc., down 2.9 percent to $27.61; Coldwater Creek Inc., 2.9 percent to $1.08, and J.C. Penney Company Inc., 1.1 percent to $34.24.
The Labor Department said first-time unemployment claims slipped by just 2,000 to 386,000 last week where economists expected claims to fall more sharply, to 370,000.
Employment gains in recent months have helped push retail stocks up, but Federal Reserve chairman Ben S. Bernanke has warned that the economy isn't growing quickly enough to get the nation out of its job rut.
In Europe, stock markets were all in retreat.
The CAC 40 in Paris sank the most, down 2.1 percent to 3,174.02, followed by the FTSE MIB in Milan, down 2 percent to 14,287.27. The DAX in Frankfurt dipped 0.9 percent to 6,671.22 while the FTSE 100 in London just slipped into negative territory, down 0.01 percent to 5,744.55.
While there was strong demand for Spain’s ten-year and two-year bonds at auction, the yield on Spain’s ten-year bonds rose to 5.7 percent, indicating investors are still worried about the country’s economy. There were also murmurs that France could be facing a credit downgrade.
Almost allfashion, luxury and retail stocks fell. The biggest decliners included PPR, down 1.9 percent to 120.05 euros; L’Oreal, 2.2 percent to 91.74 euros; LVMH Moët Hennessy Louis Vuitton, 2.5 percent to 123.10 euros, and Carrefour, 2.3 percent to 15.40 euros.
The few bright spots included Beiersdorf, up 2.5 percent to 51.61 euros; Mulberry, which shot up 4.3 percent to 22.89 pounds, and Hermès, up 0.9 percent to 256 euros.
The pound traded for $1.60 Thursday, while the euro traded for $1.31.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)