Shares of footwear companies Genesco and Steven Madden declined in afternoon trading after the Federal Reserve held its benchmark rate steady at 3.5%–3.75% and signaled through its dot plot that the next move may be upward rather than down. Genesco fell 2.8% and Steven Madden fell 3% as the consumer discretionary sector faced renewed pressure from the prospect of higher rates and a stronger dollar. The FOMC's revised projections dampened hopes that 2025 rate cuts would boost consumer confidence and spending, particularly for deferrable purchases like footwear. Steven Madden shares have been volatile, with 18 moves greater than 5% over the past year, and are trading near their 52-week high of $46.23 from January 2026.
Genesco IncFed signals possible rate hike, pressuring consumer discretionary spending and footwear demand.
Steven Madden LtdFed signals possible rate hike, pressuring consumer discretionary spending and footwear demand.