Retail stocks fell short in their bid for a 10th consecutive day of gains Tuesday after the Federal Reserve Board’s Open Market Committee issued a lukewarm statement about the economy that included warnings about deflation.
The S&P Retail Index spent some of the day in positive territory but finished down 1.70 points, or 0.4 percent, at 445.26, its first losing session since Sept. 7. An up day would have been the 10th consecutive winner for the index and would have tied a streak that dates back to January 2004, less than two years after its recalibration.
Although the Fed’s statement appeared to pour cold water on stocks Tuesday afternoon, the Dow Jones Industrial Average, unlike the other major indices, did manage to advance, rising 7.41 points, or 0.1 percent, to 10,761.03.
The Fed kept the federal funds rate at its current level of zero to 0.25 percent and stated that the weakness of the economic recovery is “likely to warrant exceptionally low levels…for an extended period.” However, it noted that inflation was “likely to remain subdued for some time before rising to levels the committee considers consistent with its mandate” to promote employment and price stability. This added to concerns that retailers, including those in the apparel sector, could be hamstrung by a lack of price elasticity going forward.
The Fed also said it was “prepared to provide additional accommodation if needed to support the economic recovery” and return inflation to more desirable levels.
Among fashion’s gainers on Wednesday was Frederick’s of Hollywood Group Inc., which recently revealed its intention to exit its wholesale business, up 5.5 percent to 96 cents; Liz Claiborne Inc., up 2.1 percent to $5.72, and Express Inc., up 1.6 percent to $15.10. On the other side of the ledger, The Buckle Inc. shed 8.4 percent, to $26.69, for the biggest decline among the 171 equities tracked by WWD. Other notable declines came from apparel specialty stores, including J. Crew Group Inc., off 4 percent to $33.10; Christopher & Banks Corp., 3.9 percent to $7.47, and Limited Brands Inc., 3.4 percent to $26.48.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@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 (📷: Dominique Maître)
@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)