Abercrombie & Fitch Plunges 28% on Weak Sales

Megan Higgins, assistant director of client services at Adviser Investments, has the market analysis for Wednesday, May 29. Despite recovering some of the larger intraday losses, major U.S. indexes closed down on mounting concerns related to U.S.-China trade negotiations. The Dow Jones Industrial Average, S&P 500 and NASDAQ fell 0.9%, 0.7% and 0.8%, respectively. These levels mark a four-month low for the Dow Jones and the lowest point since early March for the S&P. Meanwhile, Abercrombie & Fitch’s stockA financial instrument giving the holder a proportion of the ownership and earnings of a company. plunged 28% after the clothing retailer reported weak first-quarter sales and reduced its forward guidance.