The S&P Retail Index and the three major U.S. indices sustained losses of more than 1 percent on Friday, and all but the S&P 500 managed to register gains for the week.
Spooked by the Securities and Exchange Commission’s fraud charges against Goldman Sachs for its role in the packaging of subprime mortgage securities, retail stocks followed the rest of the market downward on Friday. The S&P Retail Index was off 1.4 percent to 475.38, breaking a six-session winning streak but finishing ahead 1.5 percent for the week and 15.6 percent for the year-to-date. It’s now advanced nine of the last 10 weeks.
Investors were also troubled by the Reuters/University of Michigan report showing a drop in consumer sentiment during the first half of April, coupled with a decline in consumers’ views of current economic conditions. Disappointing first-quarter earnings in the technical sector, including results from Google Inc., added to their anxiety.
After hitting the 11,000 mark on Monday, the Dow Jones Industrial Average spent some time below it on Friday before rebounding and finishing down 1.1 percent for day at 11,018.66, up 0.2 percent for the week and 5.7 percent in 2010. The S&P 500 wasn’t able to get back over the 1,200 mark, however, with a 1.6 percent decline to 1,192.13 on Friday, leaving it 0.2 percent below its finish on April 9. The Nasdaq Composite finished the week up 1.1 percent despite a 1.4 percent drop on Friday to 2,481.26.
Of 172 stocks monitored by WWD, 111 finished the week with gains and 57 with declines while four were flat.
Earlier on Friday, European and Asian markets finished the week with losses as major markets moved down. London’s FTSE 100 retreated 1.4 percent to end the week at 5,743.96, down 0.5 percent, while in Paris the CAC 400 was off 1.9 percent, leaving it with a 1.6 percent decline for the week at 3,986.63. Tokyo’s Nikkei 225, Hong Kong’s Hang Seng Index and Shanghai’s SSE Composite Index lost 1.5 percent, 1.3 percent and 1.1 percent, respectively, leaving them with weekly declines of 0.9 percent, 1.6 percent and 0.5 percent.
“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
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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
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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)