After last week’s pressure from the worsening trade dispute, U.S. stocks were weighed down again Monday.
In addition to lingering concerns over U.S.-China trade relations, investors also appeared to be fretting about growing unrest in Hong Kong as antigovernment demonstrators took over its airport and all departing flights were canceled.
As a result, the Dow Jones Industrial Average slid 390 points, or 1.5 percent, to 25,897.71, while the S&P 500 shed 1.2 percent and the Nasdaq also dipped 1.2 percent.
From a retail perspective, the most impacted included Guess Inc., down 7.1 percent to $14.87; Kontoor Brands Inc., 6.06 percent to $32.26; Capri Holdings, 4.3 percent to $29.66; and Nordstrom Inc., 2.4 percent to $28.60.
John Idol, chief executive officer of Capri Holdings, which owns Michael Kors, Versace and Jimmy Choo, spoke about the protests, which have just entered their 10th week, in an earnings call last week.
“We have a very strong and significant business there with all of our brands and it does concern us,” he said, although he stressed that it was too soon to speculate on what the implications for Capri might be.
“Again, in the total scheme of things it won’t be immaterial to the overall group, but it definitely impacts in that region itself,” he added.
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