U.S. stocks are following the lead from Asia and opening higher.
Japan’s Nikkei jumped 4 percent following a positive vote for Prime Minister Shinzo Abe’s coalition. The belief is that he will stimulate the economy to the tune of 200 trillion yen. That led to positive trading in Europe as well with all the major indices moving higher.
The S&P 500 is higher by 7 points to 2,137, the Dow Jones Industrial Average is up 79 points to 18,117 and the Nasdaq is higher by 22 points to 4,539. The S&P Retail ETF is gaining 28 cents to sell at $43.67.
Tiffany & Co. hired former Coach designer Reed Krakoff to design gift, home and accessory collections for 2017. Krakoff’s new position will cover a variety of product categories including handbags, leather accessories, sunglasses, tabletop items, baby, travel key rings and silver accessories. Tiffany’s has struggled with declining sales as tourists scaled back on purchases. Krakoff closed his own brand in March 2015 and most recently introduced a collaboration with Kohl’s. Tiffany’s stock is up by over 1 percent to $62.20.
In other industry personnel moves, Christopher Bailey will transition to president at Burberry Group, while Marco Gobbetti from Celine will be take over the chief executive officer’s reins from Bailey and will join the company next year. The stock popped over 5 percent to 12.28 pounds, or $15.93 at today’s rates. Both will report to chairman John Peace. Julie Brown has been appointed to the new role of chief operating and financial officer.
Nordstrom is buying a stake in the supply-chain software company DS Co. The Utah-based firm is akin to a middle-man between the retailer and the suppliers. It pulls data from both sides to track inventory and orders. Typically retailers and suppliers use different software making it difficult to coordinate efforts. According to The Wall Street Journal, Nordstrom’s executive vice president of strategy and development Ken Worzel said there would be more investments in companies like DS Co. Nordstrom stock is higher by 29 cents to sell at $40.61.
Skechers USA, Inc. stock is rising over 1 percent to $31.19 after it said it completed fourth phase of its expansion to the European Distribution Center. Skechers built the center to meet increased demand. The center was opened in 2002 and this is the fourth expansion. In April, Skechers reported its highest first quarter sales of $978.8 million and 47.1 percent of that due to the increase in international business.