Stocks are trading lower following terrorist attacks in Brussels, the capital city of Belgium.
So far, 28 people have died and many more are injured. The European markets all traded lower across the board and the euro retreated in value as well. Gold has begun to trade higher at $1,252 an ounce as terrorist fear is back and oil has gone back down below $41 a barrel.
The S&P 500 is trading lower by 8 points to 2,043, the Dow Jones Industrial is down by 48 points to 17,577 and the Nasdaq futures are falling by 21 points to 4,788. The S&P Retail ETF is lower by 7 cents to $45.67. While the markets traded lower, investors seemed to keep the selling in check and declines were not as bad as expected.
European air carriers and hotel stocks are all trading lower on fears of reduced tourism. All travel-related stocks like Priceline.com and Carnival Corp., the cruise ship company, saw their stocks sell off. New York City has said that it will increase its security presence due to the Brussels attacks.
G-III Apparel Group Ltd. is trading lower by 23 percent to $42.74 after reporting its fourth-quarter earnings. G-III delivered earnings per share of 17 cents, which missed its Capital IQ estimate of 42 cents by a whopping 25 cents. Revenues did rise 2.5 percent year-over-year to $527 million, but this was far less than last year’s $566 million. Net sales rose 11 percent to $2.34 billion over last year’s $2.12 billion. G-III’s wholesale business was strong, but it could not overcome the weakness in outerwear sales, which suffered low sales and high promotions.
Amazon is suing its former logistics and supply chain executive Arthur Valdez for going to work with Target and violating his non-compete clause. He was required to wait 18 months before taking a similar position. Amazon is down by $4.32 to trade at $549.66 and Target is up by 28 cents to $82.48.
VF Corp. announced the appointment of Scott Baxter to the position of vice president and group president of outdoor and action sports. The group includes The North Face, Vans and Timberland brands. Prior to the appointment, Baxter was in charge of jeanswear Americas, imagewear and South America. VF Corp. is down by 38 cents to $66.12.
Dick’s Sporting Goods announced that it was planning on buying back $1 billion worth of stock over the next 5 years. Dick’s stock is higher by 29 cents to $47.68.
Looking ahead, sports giant Nike will report its earnings after the market closes today. The FactSet estimate for earnings is 48 cents per share and sales are estimated to be $8.2 billion.