It was a quiet start to the trading day, with most of the action coming out of Japan.
Japanese manufacturing contracted at the fastest pace in three years. In addition to that, the U.S. and Japan are having a difference of opinion when it comes to currency intervention. The conflict was front and center during the G7 meeting of finance ministers in Japan.
Here in the U.S., the Dow Jones Industrial average rose by 39 points to trade at 17,540, the S&P 500 was flat at 2,052 and the Nasdaq was rising by 19 points to 4,787. The S&P Retail ETF gained 18 cents to sell at $41.43.
Abercrombie & Fitch Co. stock is rising by over 3 percent to $25.21 after the retailer named 2 new brand presidents. Stacia Andersen has been appointed president of Abercrombie & Fitch and Abercrombie Kids. Kristin Scott has been named president of Hollister Brand. Andersen comes to Abercrombie from Target Corp., where she was senior vice president. Scott comes to Abercrombie from Victoria’s Secret where she was executive vice president and general merchandise manager. Both will report to Fran Horowitz, Abercrombie’s president and chief merchandising officer.
Neiman Marcus Group Ltd. is installing mobile phone charging kiosks in their stores. The luxury retailer chose ChargeItSpot as the partner to install the kiosks. The first stations were installed in the Washington D.C. store and Tysons Corners, Virginia store. ChargeItSpot works with retail chains, luxury retailers and shopping centers to name a few of the places where the kiosks are installed.
There are no apparel brands reporting earnings today, but the calendar heats up as the week progresses ahead of the Memorial holiday weekend. DSW Inc. reports on Tuesday before the market opens. Wednesday brings Tiffany & Co., J. Crew Group Inc. and PVH Corp. earnings. Thursday is a big day with earnings from Costco Wholesale Corporation, Burlington Stores Inc., Signet Jewelers Ltd. and Ulta Salon, Cosmetics & Fragrance.
Elsewhere in the global markets, Japan’s Nikkei and the Hong Kong Hang Seng both fell slightly, while the Chinese Shanghai composite rose only 0.6 percent. The European indices were all trading lower.