Closing Bell: Department Store Stocks Slip on Macy's Disappointment

Walt Disney (DIS) - Get Report and Macy's (M) - Get Report , industry leaders of the entertainment and retail worlds, each had disappointing starts to the year. Earnings misses soured investor sentiment and pulled the consumer discretionary sector into a selloff. Macy's shares dropped more than 10 percent and dragged down fellow retailers. Department store chains Target (TGT) - Get Report , Nordstrom (JWN) - Get Report and Kohl's (KSS) - Get Report , all of which have yet to report, saw their shares decline on Wednesday. Fast food chain Wendy's (WEN) - Get Report tumbled after first-quarter sales dropped 16 percent. The company warned of a sales slowdown in its second quarter, putting the blame on a cooler spring in the U.S. Chipotle's (CMG) - Get Report board survived its annual shareholders meeting. Three directors who were targeted by a proxy advisory firm were re-elected. TheStreet's Keris Lahiff has details from Wall Street.