Retail shares sank at the open Friday, with the Retail SPDR down 1.6% and most major components under heavy pressure.
Gap led the declines on a weak same-store sales report that led at least one analyst to downgrade the stock.
Gap said Thursday that same-store sales in the most recent period fell 6 percent, with the biggest declines at its namesake chain and at Old Navy.
Gap stores saw sales fall 7 percent in the five weeks ended April 5, as did Old Navy. Banana Republic did slightly better, with sales down 4 percent.
"While March performance has been challenging, we remain confident in the opportunities ahead," Gap CEO Glenn Murphy said in a statement.
Gap also warned that gross margins for the fiscal first quarter would decline, with a bigger rate of decline than they posted in the fourth quarter of the last fiscal year.
But the company affirmed its earnings-per-share targets for the year.
The New York Stock Exchange notified RadioShack on Friday that it is no longer compliant with its requirements.
Chinese brides and Indian festivals will drive diamond demand into new year, the CEO of De Beers told CNBC.
Fashion label Raoul's plans to go global got a royal boost when Britain's Kate Middleton donned its pieces during her visit to Singapore in 2012.
According to the Big Mac Index, the value of the dollar is getting stronger in much of the fast food eating world.
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