U.S. equity markets opened on Friday, Veteran’s Day, mostly down, just three days after the U.S. presidential election.
The Dow Jones Industrial Average was down 0.1 percent to 18,788.59, while the S&P 500 was down 0.4 percent to 2,158.47 at nearly 10:00 a.m.
Among U.S. retail and apparel stocks, investors were still reacting to the lowered guidance for fiscal 2017 issued by Michael Kors Holdings Ltd. Thursday afternoon after the markets closed. The company, in posting second-quarter results, also told investors it was still seeing declines in mall traffic in North America in the wholesale channels. Investors Friday morning sent shares of Kors down 7.6 percent to $47.83.
Ralph Lauren Corp., which also posted second-quarter results on Thursday, said it was making progress on its Way Forward turnaround plan, and saw its shares slip slightly by 0.8 percent to $105.43.
Among the retailers, shares of J.C. Penney Co., Inc. fell 1.1 percent to $8.72 after the company posted third-quarter results that included a cut in sales forecasts for the year. Comparable-store sales are now expected to grow between 1 to 2 percent for the full year, down from prior guidance of a comps growth at between 3 to 4 percent.
Macy’s Inc., which posted its third-quarter results on Thursday and reaffirmed its earnings guidance for fiscal 2016, saw shares slip 0.3 percent to $40.41.
Billionaire investor Warren Buffett, a vocal critic of President-elect Donald Trump, was quoted in a Reuters interview that he thinks the stock markets would be higher “10, 20, 30 years from now,” noting that it would be regardless of who won Tuesday’s election. Buffett had endorsed the Democratic candidate, Hillary Clinton. In the interview, Buffett also suggested that perhaps some of the trade deals in place that Trump has said he wants to change might not happen, stating that he’ll still need support from both houses of Congress and that people say things in campaigns that don’t always materialize post-election.
Bank of America Merrill Lynch Global Research on Friday posted a report from its analysts and economists, noting that the election of Trump raises the uncertainty in the economic outlook. The report also said that there is now an expectation that there will be a Fed rate hike in December.