Wall Street tumbled on Wednesday amid more fears about the financial sector and rising oil prices, and retail stocks bore a major share of the damage.
The Standard & Poor's Retail Index, down more than 2 percent for most of the day, ended the session with a 1.9 percent decline to 385.05. The Dow Jones Industrial Average fell below 12,000 for the first time since March during trading before recovering to close down 1.1 percent to 12,029.06. The S&P 500 dropped 1 percent to 1,337.81.
Wal-Mart Stores Inc. was among the most active stocks on the New York Stock Exchange, falling 1.7 percent to $57.67 as more than 22 million shares changed hands. Rival Target Corp. dipped 3.1 percent to end the day at $50.85.
The department store sector saw some of the biggest declines. Macy's Inc. dropped 4.7 percent to close at $21.02, J.C. Penney Corp. sank 5 percent to $36.72, Sears Holdings Corp. decreased 2.5 percent to $77.91 and Kohls Corp. lost 2.8 percent to $43.46.
High-end retailers also took a hit. Saks Inc. declined 2.4 percent to $12.20, while Nordstrom Inc. fell 2.9 percent to $33.95.
Action sports retail Zumiez Inc. plunged 7.1 percent to $20.56, teen retailer Abercrombie & Fitch Co. declined 2.3 percent to $67.91 and American Eagle Outfitters Inc. gave up 4.1 percent to end the day at $16.20. Gap Inc. was down 2.8 percent to $17.49 and Limited Brands Inc. slid 1.6 percent to $18.58.
One of the few retailers to see gains was The Children's Place, which increased 1.4 percent to $37.59. Another exception was Wet Seal Inc., which rose 1.2 percent to close at $4.96.
Polo Ralph Lauren Corp. slid 2 percent to $64.75, Liz Claiborne Inc. fell 1.5 percent to $16.10 and Phillips-Van Heusen Corp. lost 3.2 percent to $40.65. Warnaco Group Inc. gave back 2.4 percent to close at $47.44 and VF Corp. receded 1.7 percent to $72.11.
Quiksilver Inc. managed a 2.8 percent increase to close at $9.65, but Under Armour surrendered 5.2 percent, ending the day at $30.51.
Investors pulled back after FedEx Corp. warned that earnings would fall short of expectations and Morgan Stanley posted a 51 percent plunge in second-quarter earnings.
“What he has done at Vuitton is really exceptional,” said @gameofthrones’ actress Gwendoline Christie on @mrkimjones’ final show for @louisvuitton. “He has rebooted luxury in terms of making it commercial, viable and contemporary. And most importantly artistic. He has never compromised his artistic vision for the sake of commodity.” (📷: @zefashioninsider)
After seeing a demand for men’s wear from its customers, British contemporary women’s wear label @ariesarise has added a men’s wear component and will launch a unisex collection with @mrporterlive. The 20-piece collection includes jackets, denim, logo T-shirts and more with deconstructed ‘90s vibes. Set to launch on January 18, you can shop the pieces on Aries’ website and on mrporter.com. #wwdfashion
“And so spending so much time with a character who thinks like that, inevitability you try and analyze yourself and go back and think about your own demons and dark chapters that you had in your life,” says @thedanielbruhl of his role in TNT’s “The Alienist.” The show, set in the Gilded Age of New York, also stars Dakota Fanning and Luke Evans. Head to WWD.com to read about how 39-year-old Brühl prepared for the role and why he thinks the show is so relevant to today #wwdeye ( 📷: @Eriktanner)
Now that Celine Dion’s collection has topped $10 million in sales, the pop superstar, fashion icon and newly-minted industry player is eyeing growth in Asia. Read the full report by @tiffanyap, link in bio. #wwdnews #celinedion
“My personal philosophy to beauty is paying attention to oneself. I love to be outdoors, lots of fresh air, trying to take care of yourself as best you can. I always notice that comes through,” says Felicity Jones, the global face of @shiseido-owned @cledepeaubeauteus, which launches today. Head to WWD.com to read more about the actress’ love for beauty and how she prepared for her new role in “The Basis of Sex,” playing the young Ruth Bader Ginsburg. #wwdbeauty (📷: @dandoperalski)
Among the familiar faces at @off____white’s show was a surprise figure: Japanese artist @takashipom, pictured here on Wednesday morning. Other show-goers included @jerrylorenzo, who spoke about his upcoming project: a @nike collaboration for back to school, with designs inspired by his childhood on the West Coast. Sitting in the front row were Future, Don Crawley, @miguel and more. See the rest of the photos on WWD.com #wwdeye (📷: Stephane Feugere)
According to @laurentsai, former “Terrace House: Aloha State” cast member, she didn’t know she was auditioning for the Japanese version of “Real World.” “I was telling a couple of my friends and someone’s like, ‘That sounds a lot like Terrace House.’ I was like, ’No it can’t be.’” Turns out, it was. But Tsai isn’t just a reality star — she’s an illustrator who has worked with Starbucks Japan and most recently, she’s dipping her toes into the fashion world. Head to WWD.com to read about her time on the show, modeling and her art. #wwdeye (📷: @danieldorsa)
More changes are coming to New York Fashion Week: Beginning with the spring 2019 collection, @alexanderwangny will move his New York show to June from September, adopting a biannual schedule with collections shown in June and December. Additionally, the @cfda is planning for an official summer/winter fashion season taking place as soon as June and December 2018. Read more about the upcoming changes on WWD.com. #wwdnews #wwdfashion (📷: @slovekinpics)