Jeans are out…chinos are back in. Retail analysts say demand for denim is slowing, with more customers buying cargo pants, chinos and other nondenim pants as they return to the office and other places that demand more formal attire. American Eagle says it is “definitely seeing a shift into new bottoms, silhouettes, cargo, cords and some wider silhouettes.” Abercrombie and Gap also say men are turning from jeans to cargo pants.
Oil prices are trading around $82 a barrel, as traders await more cues on an economic recovery in China and a potential U.S. recession. Markets are positioning for a strong boost to the Chinese economy from a week-long holiday, especially after the country withdrew most anti-COVID measures and reopened its international borders this year. But given that China is also grappling with its worst yet COVID-19 outbreak, markets remain uncertain over the timing of such a recovery.
Futures are modestly lower after stocks closed sharply higher on Friday. The Dow Industrials gained 331, the Nasdaq jumped 288 and the S&P 500 was up 73.
