Retail stocks headed into the final week of the fiscal second quarter on a high note.
Despite a 0.3 percent drop on Friday, the S&P Retail Index finished last week with a 4.7 percent gain, coming to rest at 351.39 following a 2.7 percent gain on Thursday. The upswing gave the index a 13.5 percent increase over the last two weeks and translated into the fourth week of advances in the past five. For the year, it’s up 25.8 percent.
The retail index once again outperformed the three major indices, all of which enjoyed strong gains. A 4 percent increase for the Dow Jones Industrial Average gave it an 11.6 percent gain for the two-week period, its best performance since 2000, two years before the resetting of the retail index. After scaling the 9,000 mark on Thursday, the Dow came within 8 points of sinking below it on Friday but rallied in the afternoon to close at 9,093.24.
The S&P 500 was up 4.1 percent for the week, to 979.26, and the Nasdaq Composite was ahead 4.2 percent to 1,965.96. The two-week gains came to 11.4 percent and 12 percent, respectively.
Stocks were buoyed throughout the week by second-quarter profit results from technology firms. While profits were uneven and often down, they generally exceeded expectations and often were accompanied by more upbeat guidance for future quarters, convincing investors, including those focused on the retail sector, that the equity markets still had considerable upside potential.
Their optimism will be tested this week, when apparel and beauty firms, including Coach Inc., Jones Apparel Group Inc. and Revlon Inc., begin reporting quarterly earnings results and The Conference Board chimes in on Tuesday with its monthly report on consumer confidence.
Retailers begin reporting their results for the May-to-July quarter next month. As has been the case in the tech sector, upside surprises are expected to be derived from cost controls rather than revenue expansion.
Of the 175 firms whose stocks are tracked by WWD, 150 enjoyed increases in their shares last week, four were unchanged and 21 experienced declines.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)