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Photo by Miguel Candela/SOPA Images/LightRocket via Getty Images

Nordstrom, one of the few retail market bright spots in 2018, announced earnings and guidance on Wednesday that were unimpressive.

By the numbers: The company projected earnings per share for fiscal 2018 will fall to the lower end of its $3.27 to $3.37 range and noted weakness in its full-price stores, where same-store sales rose by 0.3%. It will resort to promotions to unload the excess inventory. Nordstrom's stock fell 5% as a result.

There may be more disappointment in store for luxury retailers, according to Goldman Sachs economist Daan Struyven.

  • Struyven argues that 2018's stock market losses will have a "meaningful effect on the spending of wealthy households," and that "spending on luxury goods largely purchased by wealthy households is highly sensitive to stock prices."
  • In fact, he predicts it could take half a percentage point off U.S. GDP growth in 2019, with overall tighter financial conditions knocking off 1%.

The bottom line: "While the share of equities owned by the wealthiest households has risen over the last three decades, equity holdings have more than tripled as a share of disposable income at the aggregate level and have also risen substantially for middle and upper-middle wealth groups. Therefore, a 1% move in stock prices now has a much larger impact on wealth levels for most groups."

Go deeper: The sign that Apple has ripened

Go deeper

Georgia governor declines Trump's request to help overturn election result

Georgia Gov. Brian Kemp. Photo: Elijah Nouvelage/Getty Images

Georgia Gov. Brian Kemp pushed back on Saturday after President Trump pressed him to help overturn the state's election results.

Driving the news: Trump asked the Republican governor over the phone Saturday to call a special legislative session aimed at overturning the presidential election results in Georgia, per the Washington Post. Kemp refused.

Philanthropy Deep Dive

Illustration: Aïda Amer/Axios

A look at how philanthropy is evolving (and why Dolly Parton deserves a Medal of Freedom).