In the U.S. stocks are opening to the upside with the S&P 500 up by 5 points to 1,958, the Dow Jones Industrial Average is up 48 to 16,420 and the Nasdaq increased 12 points to 4,817. Investors received mixed economic data ahead of Thursday’s Federal Reserve’s rate decision.
August retail trade sales were up .1 percent from July. Clothing and clothing accessories stores were up 2.7 percent in August 2015 over August 2014 and increased .4 percent over July. General merchandise stores up .6 percent over August of last year and .4 percent over July.
Asian markets ended lower with China’s Shanghai Composite down 3.5 percent. The government did not step in at the end of the day to save things and instead used the day to crack down on illegal margin trading. European indices were mixed with the UK reporting flat inflation, while Italy’s Finance Minister said the Italian economy had returned to growth.
Prada’s net income fell by 23 Percent to 188.6 euros or $213 million in the first six months through July. However, the stock was moving higher because Prada reported that revenue rose 4 percent to 1.8 billion euros or $2 billion in the six months ending in July. The European market grew thanks to a steady flow of tourists.
Cherokee was given a sell rating by Zacks research analyst. The retailer has lost 45 percent of its value over the last 5 days and 49 percent for the past month. Cherokee President Howard Siegel wisely sold 10,000 shares in June at $26.45 and 16 percent of institutional holders have sold out.
Looking ahead to Wednesday, Ascena will report its earnings before the market opens.