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.
EXCLUSIVE: @tomford is opening its first-ever beauty store. The boutique, which opens November 20 in London’s Covent Gardens, was designed with the over-the-top glam Ford is known for. Read the full story on WWD.com, link in bio. #wwdbeauty #wwdnews (📷: Simon Wagner) #TomFordBeauty
New York-based DJ @harleyvnewton threw a party to celebrate the holiday collection of her dress and pajama line @hvn at the Ladurée Beverly Hills. It Girls @katebosworth, @rashidajones and more joined in on the fun, which included cocktails, croque monsieur sandwiches and a photo booth. #wwdfashion (📷: Owen Kolasinski/BFA.com)
For the holidays, @Burberry partnered with 20-year-old artist @blondeymccoy on a series of three outdoor murals in downtown Manhattan. The murals are McCoy’s interpretation of a Christmas eve party, the idea of charity and the spirit of family. His third mural, pictured here, is the most personal. The image depicts McCoy’s grandparents and father in London’s Trafalgar Square in the Seventies. “My work often features lots of sentimental objects.” #wwdeye
For spring 2018, designers applied bold colors and cartoonish motifs on everything from sneakers and belts to key chains. See all the top men’s accessories trends on WWD.com. #wwdtrends (📷: George Chinsee; Prop Styling by @rnasti; Market Editor: @luiscampuzano)
The @dior-sponsored @guggenheim international gala pre-party has a history of drawing cool-girl musical acts to serenade the crowd –– and last night was no exception. @haimtheband performed songs both new and old, and lured a star-studded audience with the likes of Rebecca Hall, Kate Mara, Mamoudou Athie and more. #wwdeye (📷: @lexieblacklock)
In a partnership between the @metopera and the @englishnationalopera, “Marnie” was born. The opera, with costumes sponsored by @mrporterlive, is an adaptation of the 1961 thriller by Winston Graham. Arianne Phillips, who created the costumes, is no rookie: She’s styled Madonna for her tours and created costumes for a myriad of films in the past. Read WWD’s interview with Phillips, where she talks about her inspiration for the opera’s costumes on WWD.com #wwdfashion
@barneysnyc took a different approach to their holiday windows this year. Instead of Christmas decor, Barneys tapped @thehaasbrothers to tell a story of positivity, gratitude and inclusivity via heartwarming silliness and humor. “It’s about kids and it’s about coming together and being family and loving each other,” said Simon Haas. #wwdfashion (📷: @joshuascottphoto)
Beauty influencer @kandeejohnson makes her foray into hair care with a collaboration with @ogx_beauty — making it the first time that OGX has teamed up for a product creation. The collab includes shampoos and conditioners in three scents. At 39 and a mom, Johnson is a different profile than the emerging social media stars, but is considered one of the pioneers of the digital beauty influencer world. Read WWD’s interview with her on wwd.com, including the strangest beauty product she’s ever tried #wwdbeauty