Alex Osola

In markets, investors pushed up major U.S.

indexes after President Trump backed off tariffs on Europe yesterday.

The Nasdaq led the gains, adding 0.9 percent.

In earnings today, Intel swung to a loss in the fourth quarter and said there would be more losses in the first quarter.

The company is spending heavily to ramp up production of its latest chips.

The spices and seasonings maker McCormick is raising prices to offset tariffs and higher costs for commodities.

The company issued an outlook that disappointed Wall Street, and its stock closed down 8.1%.

And at Procter & Gamble, higher prices helped boost revenue in the latest quarter, offsetting a decline in sales volume.

The maker of Crest toothpaste and Pantene shampoo also cut its earnings outlook for its fiscal year ending in June.

Its share price closed up 2.7%.

Coming up, what the Sachs bankruptcy tells us about luxury retail, and the movie that just beat the record for the most Oscar nominations ever.

That's after the break.

When luxury retailer Saks Fifth Avenue filed for bankruptcy last week, most people were not surprised.

Its 2024 acquisition of competitor Neiman Marcus didn't make the company into the luxury juggernaut its leadership had hoped.

But it's not the only luxury company that's felt some strain.

Suzanne Kappner covers retail for the journal and joins me now.

So, Suzanne, some of what was going on with Saks was specific to that company.

But how has the overall luxury industry been doing?

How is the luxury sector evolving and how do you think it's going to do in the next few years?

So doubling down on the big spenders, what about everybody else?