Shares of watchmaker Fossil Group Inc ( FOSL ) plunged 30% in extended trading after reporting a top- and bottom-line miss along with a weaker-than-expected comp-store sales result (down 3% vs. a 0.4% drop expected). Overall, and in the context of weak personal income and spending data last week, the impression is that the American consumer has snapped their wallet shut in recent months as gasoline prices have recovered. For now, massive technical overhead resistance near Dow 18,000 remains in play as factors including seasonal headwinds, the specter of a June rate hike, and the sure-to-be-contentious presidential election loom.
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