The weak oil market, initially seen as a blessing to consumers, has turned into a problem for investors, pressuring U.S. stocks and the WWD Global Stock Tracker.
WWD’s group of 100 international fashion, retail and beauty stocks surrendered 0.4 percent to land at 104.67, its sixth decline in seven sessions.
The Dow Jones Industrial Average and S&P 500 began the day lower before rebounding and then declining again as trading concluded. The Dow was off 0.7 percent to 17.068.87 and the S&P down 0.9 percent to 1,972.74, while the S&P 500 Retailing Industry Group, a subset of the S&P, lost 2.2 percent to end the day at 973.11.
The Bank of Russia raised its key interest rate to 17 percent from 10.5 percent as the country battled falling oil prices and a fast-falling ruble in the wake of sanctions from the west.
The day’s biggest advance came from American Apparel Inc., with shares up 5.5 percent to 58 cents. They rose an additional 8.6 percent, to 63 cents, after hours following the announcement that founder Dov Charney had been terminated for cause as chief executive officer and succeeded by Paula Schneider.
On a day when a presence in the Russian market became a liability, declining tracker issues were paced by Pandora A/S, down 5.1 percent to 478.50 Danish kroner, or $79.99 at current exchange, and PVH Corp., off 3.7 percent to $121.69. Shiseido Co. was off 3.4 percent to 1,791.50 yen, or $15.20, and Myer Holdings Ltd. slipped 3.3 percent to 1.31 Australian dollars, or $1.07. Matsuya Co. also fell 3.3 percent, settling at 1,583 yen, or $13.44.
Joining American Apparel on the positive side of the ledger, Inter Parfums Inc. shares rose 5 percent to $26.48 following the signing of its seven-year licensing deal with Abercrombie & Fitch Co. A&F shares slipped 0.9 percent to $27.03.
Youngor Group Co. was up 4.6 percent to 11.50 yuan, or $1.86, while The Men’s Wearhouse Inc. rose 4.3 percent to $42.52 and Giordano International Ltd. gained 4 percent to close at 3.64 Hong Kong dollars, or 47 cents.