Fashion stocks fell sharply today as Wall Street and markets in Europe dropped, spurred on by a laundry list of worries, from the economic outlook to expectations of when interest rates will rise to geo-political issues involving Russia or Israel.
The 100-issue WWD Global Stock Tracker fell 1.4 percent to 97.25, led down by shares of Adidas, which decreased 15.4 percent to 59.41 euros, or $79.67, after the company lowered its full year guidance.
Also among the top decliners were Carrefour, off 4.8 percent to 25.83 euros, or $34.64; Aeffe, off 4.2 percent to 1.39 euros, or $1.86, and Puma, down 4.2 percent to 191 euros, or $256.13.
The Dow Jones Industrial Average plummeted 1.9 percent, or 317.06 points, to 16,563.30 on Wall Street — erasing all the index’s gains for this year. European markets were led down by Frankfurt’s DAX, which dropped 1.9 percent to 9,407.48.
The summer is often seen as a sleepy time in the markets, but investors have been waiting to see if markets are due for a correction.
Prior to today’s drop, the Dow was up over 28 percent since the beginning of last year.
Alberta Ferretti's "Rainbow Week" sweaters are back. The designer closed her #MFW show with a few day-of-the-week sweaters, which first debuted on the catwalk last January as part of the pre-fall 2017 collection. #wwdfashion (📷: @delphineachard)