Concerns about jobs — both in the U.S. and abroad — wreaked havoc with the equity markets Thursday, leaving the S&P Retail Index and the major indices with declines for the abbreviated trading week.
The S&P Retail Index took a 12.72-point, or 4 percent, broadside Thursday to close at 308.89, 4.3 percent below its 322.89 close last Friday. The government’s morning report of continuing job losses sent stocks downward from the opening bell on.
To add temporal insult to fiscal injury as traders and investors headed out for the July 4th holiday weekend, the New York Stock Exchange experienced technical difficulties, prompting it to extend the trading day to 4:15 p.m. from its usual 4 p.m. close.
The extra time provided no relief as the Dow Jones Industrial Average fell 232.32 points, or 2.6 percent, to 8,280.74, leaving its decline from last Friday at 1.9 percent and its losses for the year at 5.7 percent. Similarly, the S&P 500 was off 26.91 points, or 2.9 percent, to 896.42, its first close below the 900 mark since June 23. The S&P was down 2.5 percent for the week and is off 0.8 percent for the year.
Even with its decline of 2.7 percent for the day and 2.3 percent for the week, the Nasdaq remains 13.9 percent above its close at the end of 2008.
Similarly, the S&P Retail Index is 10.6 percent above its finale point last year.
Saks Inc. enjoyed a second straight day of gains, rising 11 cents, or 2.3 percent, to $4.84 on top of the 6.8 percent gain Wednesday on a positive research note from J.P. Morgan equity analyst Charles Grom. Saks’ shares were up 12.3 percent for the week and are now up 10.5 percent for the year at more than three times the 52-week low of $1.50 reached on March 10.
Shares of The Talbots Inc. Thursday fell 52 cents, or 9.6 percent, to $4.88. The company said early Thursday it had completed the sale of the principal assets of J. Jill, including 205 stores, to an affiliate of Golden Gate Capital. Although down 10.8 percent for the week, the firm’s shares have more than doubled this year.
In yet another fashion show shuffle, @elleryland is moving its show in sync with the Paris couture calendar — though the brand is still keeping one foot on the city’s ready-to-wear schedule. Their runway show in January will coincide with the launch of a new strategy: designing two main collections each year instead of four, which will then be released in four drops. “As we all know, the system needs to change. We need to show sooner to give time back to artisans and designers to do what they do best — create,” said founder Kym Ellery. #wwdnews #wwdfashion (📷: @kukukuba)
@maxmara’s classic 101801 coat was the cornerstone of its pre-fall 2018 collection. The design team expanded the traditional double-breasted, kimono-sleeved style into a trapeze coat, lean belted styles and a peacoat and presented them in monochromatic looks – like the camel one pictured here. #wwdfashion #prefall18 (📷: George Chinsee)
The @cfda has shifted the dates of #NYFW, with Men’s showing on February 5 through February 7, and Women’s will directly follow, running from February 8 through 14. The preliminary schedule will be released on the CFDA’s web site in the next few days, but Mark Beckham, VP of marketing for the CFDA, revealed that @rafsimons will be back to close the men’s-specific part of the week with a show on February 7 #wwdfashion (📷: Kelly Taub)
@ferragamo is introducing a new space dedicated to the development of women’s and men’s leather good samples. The laboratory, which is created eco-friendly materials and designed to reduce the environmental impact of the manufacturing processes, will allow the company to expand its accessories offering through traditional artisanal approaches. #wwdfashion (📷: @aitorrosasphoto)
How does a “regular, degular, schmegular” girl from the Bronx, N.Y., become a Grammy-nominated artist with a certified platinum record in less than a year? Call it the @iamcardib come up. The 25-year-old has become a musical sensation, and the fashion world is taking note. “If I could describe her style I would say drama. She’s really into the dramatics,” says Cardi B’s stylist @kollincarter. See how Carter styles her bold and out there looks with the link in bio. #wwdfashion
“There is no formula. There is no guideline. I can watch Ted Talks all day, but there is no one who can advise me on exactly what it is I should be doing,” said @ronniefieg, CEO of @kith, in an interview with WWD’s @ariahughes at the brand’s new SoHo office in Manhattan. Head to WWD.com to see how Fieg went from hanging out in shoe stockrooms at 13 to building his own business. #wwdfashion (📷: @weston.wells)
@fearofgod and @maxfieldla have teamed up on a pop-up installation. The store, located in the gallery space across from Maxfield’s Melrose Ave location, is the site of the brand’s House of God pop-up in which Fear of God founder @jerrylorenzo has created a church-inspired installation. A dozen vintage church pews sit in front of an LED screen playing 90s gospel singers in an effort to re-create an environment akin to a Southern Baptist Church, Lorenzo explained. Read more about the pop-up on WWD.com #wwdfashion (📷: Jennifer Johnson)
Known for his sleek, sophisticated American glamour, Norman Norell is the subject of an upcoming exhibition at @fitnyc. “Norell: Dean of American Fashion,” which runs from February 9 through April 14, will feature approximately 100 ensembles and accessories. His best work is exemplified by the designer’s glittering “mermaid” gowns frosted with thousands of hand-sewn sequins – like the one pictured. (📷: William Helburn) #wwdfashion
For pre-fall 2018, @balmain didn’t let go of the glitz. A crystal embroidered baseball jacket priced at around $40,000 hangs in the “couture” section of the brand’s first men’s pre-collection. Sporting the words “Balmain Army” across the back, the item took around two months to make. “When it was completed, it was like Christmas, it was like, ‘It’s done, it’s exactly what I wanted,’” said Balmain’s creative director @olivier_rousteing during a tour of the collection in a Paris showroom on Monday. #wwdfashion