Retail stocks inched up 0.7 percent Thursday, but the broader market slipped as economic concerns dominated the debate on Wall Street.
Remaining above 400 most of the day, the S&P Retail Index rose 2.85 points to 403.93 as the Dow Jones Industrial Average decreased 7.41 points to 10,359.31.
Investors refused to set aside worries surrounding the economic recovery even for a $4.8 billion second-quarter profit from JPMorgan Chase & Co. or word that the BP oil spill in the Gulf of Mexico had been successfully capped. Wall Street was also gauging the impact of Washington’s overhaul of the financial regulatory system, which was passed by Congress.
Markets in Asia and Europe were both down.
The Hang Seng Index fell 1.5 percent to 20,255.62 in Hong Kong and the Nikkei 225 slipped 1.1 percent to 9,685.53 in Tokyo. The CAC 40 dropped 1.4 percent to 3,581.82 in Paris and the FTSE 100 declined 0.8 percent to 5,211.29 in London.
• Producer Prices Flat: Wholesale prices for U.S.-made apparel were flat in June compared with May and rose 0.2 percent compared with a year earlier, the Labor Department reported Thursday in its Producer Price Index. In 12-month comparisons, prices for women’s apparel fell 0.3 percent and prices for men’s apparel rose 0.8 percent. Prices for all goods and services fell a seasonally adjusted 0.5 percent in June, following declines of 0.3 percent in May and 0.1 percent in April. Prices for so-called core goods, which exclude energy and food prices, rose 0.1 percent. “There’s plenty of slack in the economy, growth is slowing and cost pressures are easing. Deflation, not inflation, is the primary risk now,” said Nigel Gault, chief U.S. economist for IHS Global Insight.
• Zumiez Out of West 49 Bidding: Zumiez Inc. has elected to discontinue its pursuit of an acquisition of West 49, the Canadian action sport retailer that had previously agreed to be acquired by Australia’s Billabong International Ltd. for about $80 million. Zumiez said it had called off its pursuit of the retail chain because of failure to come to an agreement on the terms of the due diligence process. Billabong on Monday reached a “conditional agreement” to acquire California-based skate and lifestyle brand Rvca.
• McCreight Leaves Under Armour: David McCreight has resigned as president of Under Armour Inc. after two years in the post. Kevin Plank, chairman and chief executive officer, will assume the title of president, which he held previously. Plank will have direct responsibility for the strategic direction of the apparel and footwear businesses.
In his new book “Hollywood Royale,” Andy Warhol’s Protégé Matthew Rolston celebrates the Eighties revival of Hollywood glamour. Featuring more than 100 portraits taken by Rolston from 1977 to 1993, the book contains photos of icons like Michael Jackson, Cyndi Lauper, and @drewbarrymore, pictured here in 1991. “Hollywood Royale,” out today, will be accompanied by an exhibition opening at Los Angeles’ Fahey/Klein Gallery on March 1. #wwdeye
"Nowadays when life is not so happy with everything going on in the world, I think people come to me for a little bit of whimsy and color and fun." - Designer Rebecca De Ravenel on her cult-favorite jewelry line. (📸 : @vsteves) #wwd40
“Everyone is talking about how the retail industry is struggling, but I think it’s an incredible time because brands who are doing something different and innovative are setting themselves up for the future,” said @adamgoldston, who founded the luxury athletic brand @apl with his brother @ryangoldsten. The Goldston’s are part of WWD’s 40 under 40: a group of industry notables. See the rest of the list on WWD.com. (📷: @vsteves) #wwd40
@eyeswoon blogger Athena Calderone debuted her first-ever cookbook, “Cook Beautiful,” which is heavily centered on the presentation and visual expression of food. Pictured here are her miso glazed carrots from the book. Get the recipe on WWD.com. (📷: @johnny_miller_) #wwdeye
“It’s passion that helps get anybody to a certain point and it’s what’s propelled me,” said Kith founder @ronniefieg, one of WWD’s 40 under 40: a group of industry notables who are changing the face of retail, fashion and beauty. Fieg, who opened a Manhattan flagship on October 7, began his career at age 13 as a stock boy and salesman for footwear chain David Z. “I think staying true to [my] beliefs, hard work and passion have gotten me to where [Kith] is today.” See the rest of the 40 at WWD.com. (📷: @vsteves) #wwd40
25-year-old @samweaving is about to break out this fall, starring in Netflix’s horror film “The Babysitter,” fittingly out today on Friday the 13th. That’s not the only place you’ll be seeing her, though — Weaving’s got a role Showtime’s “SMILF” and another alongside Frances McDormand and Woody Harrelson in “Three Billboards Outside Ebbing, Missouri.” Though she’s got a full plate at the moment, there’s one role she’s got her eye on: Marilyn Monroe. “I’m a little too young at the moment, but it’s on my bucket list,” the actress told WWD (📷: @dandoperalski) #wwdeye
BFF's Poppy Jamie and Suki Waterhouse celebrated the launch of their bag line Pop x Suki at Nordstrom last night. "The line is really about our friendship, and how we are so different but complement each other," said Waterhouse. 👯 (📷: Katie Jones) #wwdeye
After designing the new @louisvuitton and @bulgariofficial flagships and a @chanelofficial boutique opening in Japan, @petermarinoarchitect has another project on his plate: The Lobster Club. Located in the Seagram Building, it’s the famed architect’s first restaurant project in New York, serving up modern Japanese brasserie-style cuisine. Bronze hues, bespoke material detailing, blush and chartreuse tones and a heavy emphasis on Picasso can be seen throughout. Mark your calendars for Nov. 1 for the much-anticipated opening. (📷: @clint_spaulding) #wwdeye
Did you know: @carlychaikin of "Mr. Robot" has been painting for about a decade? The actress, who plays Darlene on the show, is a self-taught artist who lists Salvador Dalí and Chuck Close as some of her idols. Chaikin told WWD that painting is a form of meditation for her — A much-needed one given the intensity of "Mr. Robot." See a piece Chaikin is working on at WWD.com (📷: @jilliansollazzo) #wwdeye