The markets are rallying this morning on better-than-expected retail sales data — and more in Friday’s stock market recap.
Despite a hot inflation number earlier this week, Friday’s retail sales data surprised to the upside, coming in at 1% for the month of June versus the estimate of 0.9%.
Now, these numbers aren’t adjusted for inflation, which rose 1.3% on a monthly basis. Taking this into account, retail sales are thus slightly negative.
But as we discussed in Wednesday’s WealthPress Live Roundtable, the market is looking for any positive news to latch on to. So the fact that retail sales not only met expectations but exceeded them is causing the major indexes to move higher.
Aside from retail sales, we also have the report on industrial production on Friday, and earnings season continues with names like Amazon, Netflix, NVIDIA and McDonald’s reporting.
In this morning’s stock market recap video, I’ll reveal the three sectors that are following the long bond… the biggest earnings reports to watch out for… the top sector and why… plus a global analysis and preview of next week.
The major indexes closed up on Wednesday afternoon, and looked set to open lower Thursday. This speaks to a pattern I’ve noticed with the last four or five big reports…
*Stated results are atypical for given period. Past performance is not indicative of any future results. Trade at your own risk.
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