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“Outside of falling gasoline prices, inflation appears to be just as hot as ever, which means that the Fed still has plenty of work to do,” said Stephen Stanley, chief economist at Amherst Pierpont Securities. The Dow Jones Industrial Average fell sharply on Tuesday, losing 3.9 percent, or 1,276.37 points, to close at 31,104.97.Īmong the fashion decliners were Rent the Runway Inc., down 38.7 percent to $3.02 after laying out a restructuring that sees it laying off 24 percent of its corporate workforce RealReal Inc., 14.1 percent to $2.26 Stitch Fix Inc., 13.3 percent to $4.90 G-III Apparel Group, 10.2 percent to $16.27 Warby Parker Inc., 9 percent to $14.31 Signet Jewelers, 8.5 percent to $58.14, and Farfetch, 7.7 percent to $10.67.

Wall Street was looking for signs of relief and instead got almost a promise of more interest-rate hikes, as the Fed is seen as all but certain to keep making it more expensive to borrow money to push prices back down. It costs more to buy goods, ship inventory and borrow money, consumers are stressed and investors are growing more frantic, staying away from any kind of uncertainty. Meanwhile, fashion and retail are hit on almost every side. The increases - fed by Russia’s war against Ukraine and pandemic supply chain backups - are forcing tough choices on consumers and has the Federal Reserve raising interest rates to cool the economy off, even at the price of recession.

Stanley global technologies smart card reader