NEW YORK ( TheStreet) -- TheStreet's Debra Borchardt said the selling pressure from Wednesday's Federal Reserve meeting continues to weigh on equities and is now spilling over into the commodities market.
Oil is feeling the pressure, down over $2 per barrel to its lowest levels in over a month. Copper hit a seven-week low on the back of the announcement and weak Chinese data. Most notably, gold hit a three year low, as it plummeted along with silver.
As if Men's Wearhouse (MW) needed a separate reason to join the selloff, Borchardt said George Zimmer, who founded the company in 1973 and was featured in the commercials, was terminated by his company.
While no reason has been provided, there has been speculation the company wanted to appeal more to a younger crowd. Borchardt also pointed out that the company cancelled the annual shareholder meeting just hours before it was set to begin.Meanwhile, Microsoft (MSFT) has finally bent to heavy criticism on its future gaming console. Borchardt said the move to eliminate used games and offline play received terrible press and uproar from loyal fans. She added that while already being priced $100 higher than the console from rival Sony (SNE), it's a bad idea to anger consumers before the product even hits the market. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell