Macy’s falls most since 2008 as retail struggles continue

As Americans abandon department stores, sales at Macy’s Inc. and Kohl’s Corp. are falling even faster than Wall Street expected. Disappointing results from the two chains sent a broader swath of stocks tumbling on Thursday, with investors growing more pessimistic on the beleaguered industry. Macy’s suffered its worst intraday decline in more than eight years, and Kohl’s, J.C. Penney Co., Nordstrom Inc. and Dillard’s Inc. all fell more than 6 percent. Macy’s, the largest department-store company, posted a 4.6 percent decline in comparable sales last quarter. Analysts had estimated a 3.5 percent drop. Earnings also came in well below projections, suggesting that cost-cutting efforts aren’t moving fast enough to offset the shrinking sales. Macy’s shares fell as much as 17 percent to $24.50 in New York, the biggest intraday decline since the financial crisis in October 2008. Even before the rout, the stock had slid 18 percent this year.

Senate gives bipartisan backing to Trump's trade rep

WASHINGTON — The Senate on Thursday confirmed President Donald Trump’s nominee for U.S. trade representative on a bipartisan vote despite complaints from some Republicans that the administration has an “ongoing, incoherent and inconsistent trade message.” The Senate voted 82-14 to confirm Robert Lighthizer, who served as deputy U.S. trade representative under President Ronald Reagan and has worked on trade issues as a lawyer representing various manufacturers and high-tech companies. Lighthizer will take his cues from a president who has broken with most Republicans in his criticism of free trade agreements and who has spread the work on trade policy beyond the office of the United States Trade Representative.

Wholesale prices jump in April by most in 3 months

WASHINGTON — Inflation at the wholesale level jumped in April by the largest amount in three months, fueled by rising prices of food and energy. Even excluding the volatile energy and food categories, core inflation was up sharply as well, raising concerns about whether inflation is starting to edge higher after being quiet for years. The Labor Department said Thursday that its producer price index, which measures inflation before it reaches the consumer, rose 0.5 percent in April. That represented a sharp rebound following a 0.1 percent decline in March. It was the largest one-month gain since January.