Shares of U.S. retail companies were sharply lower in earlytrading Wednesday as uncertainty about the credit markets and tonight’s Senatebailout vote weighed heavily on investors.
The Standard & Poor’sRetail Index dropped 2.1 percent in the first 40 minutes of trading, placing itat 354.85. That outpaced the 1.5 percent drop in the Dow Jones IndustrialAverage, which fell 158.34 points, or 1.5 percent, to 10,692,32 at the firsthour of activity.
Saks was off 3.7 percent to $8.91 while Macy’s andNordstrom dropped 2.7 percent and 2.5 percent, respectively, to $17.49 and$28.11. Among the other companies shedding market value early Wednesday wereCache (4.4 percent to $6.57), Bon-Ton Stores (3.7 percent to $2.82), Talbots(3.6 percent to $12.63), Retail Ventures (3.1 percent to $3.78), AnnTaylor (3.1percent to $20.01) and The Children’s Place (3 percent to$34.36).
Overseas markets were generally lower, with IT Holding dropping14.4 percent in trading in Milan. However, in London, Marks & Spencer movedup 6.6 percent.
Steve Aoki held a presentation, a runway show and outdoor concert for his men's line Dim Mak. Here's a look from his spring 2018 collection, which was titled "Paradise Found." #wwdfashion #wwdmens (📷: George Chinsee)
"It's really hard sometimes. I think I have a reputation for being really tough and aggressive and pushy but I really am a very shy person who wants to be liked, and that's the conflict constantly. There's something that takes hold - I want people to like me, I don't want to be mean - but if I see something that just cries out to be answered, I go for it," says renowned NBC News correspondent Andrea Mitchell. (📷: @axeldupeux)