Retail Sales Growth Eases In June, But Still Signals Healthy Demand Conditions
Portfolio Pulse from Piero Cingari
June's retail sales growth in the US was lower than expected at 0.2% month-over-month, but still signals healthy demand conditions. Core retail sales, excluding certain categories, rose 0.3% month-over-month. The largest increases were seen in miscellaneous store retailers and nonstore retailers. The US Dollar index rose 0.2% following the release, while futures on the S&P 500 index ticked down 0.1%.
July 18, 2023 | 12:50 pm
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NEGATIVE IMPACT
Futures on the S&P 500 index, tracked by the SPDR S&P 500 ETF Trust (SPY), ticked down 0.1% following the release of the retail sales data.
The retail sales data is a key indicator of economic health and can influence the stock market. The lower than expected growth may have led to decreased confidence in the market, leading to a slight drop in the value of SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) saw a 0.2% increase following the release of the retail sales data.
The retail sales data is a key indicator of economic health and can influence the value of the dollar. The lower than expected growth may have led to increased confidence in the dollar, leading to a rise in the value of UUP.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80