Shoe Shares, Stock Markets Slide After China Halts Trading

China woes and declining oil prices continued to wear on global markets today.

Overnight, China halted trading for the second time this week after the markets plummeted 7 percent. The indices closed after 29 minutes of trading.

This morning, the Dow Jones industrial average, Nasdaq Composite and S&P 500 opened down.

Worries about China also spread to commodities again. Crude oil was down again nearly 3 percent this morning, to $32.96 a barrel.

China has tried to quell fears of a sell-off and an economic slowdown, but after the People’s Bank of China made another cut to the yuan (the largest since the August devaluation), global markets responded negatively. It’s a big signal to investors that China may not have much confidence in its economy.

In Europe, markets opened to losses as well. The Stoxx Europe 600 slipped 3 percent, and the DAX in Germany fell over 3 percent.

For the fourth day in the row, shoe and retail stocks in the U.S. were hit by the China concerns. Amazon.com Inc. slipped less than a percent in early market trading. Coach Inc., Deckers, DSW Inc., Michael Kors Holdings Ltd. and Wolverine World Wide Inc. opened down at the morning bell.

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