Shares of Amazon.com Inc. and LVMH Moët Hennessy Louis Vuitton logged significant declines as investors digested their financial results and navigated declining stock markets in the U.S. and Europe.
Shares of the Amazon fell 9.7 percent to $324.01 after the company said late Thursday that its second-quarter losses widened to $126 million even as sales shot up 23.2 percent to $19.34 billion.
Amazon has been working hard to gain share in a broad range of businesses and has sought to boost its apparel profile, opening a photo studio in Brooklyn and advertising its fashion offerings.
The WWD Global Stock Tracker fell 1.1 percent to 98.65 and was led down by LVMH, which slipped 6.8 percent to 131.65 euro, or $177.27, after the luxe company saw a first-half chill in it’s Asian markets. LVMH’s profits dipped 4.3 percent for the first half to 1.51 billion euros, or $2.07 billion.
Inter Parfums Inc.’s stock fell 5.1 percent to $26.95, and Kering slipped 4.9 percent to 151.50 euro, or $203.99, rounding out the top thee decliners in the 100-issue Tracker.
The Dow Jones Industrial Average slipped 0.7 percent to 16,960.57 while European markets were led down by the CAC 40 in Paris, off 1.8 percent to 4,330.55.
In Asia, Tokyo’s Nikkei 225 rose 1.1 percent to 15,457.87 and Hong Kong’s Hang Seng Index gained 0.3 percent to 24,216.01.