US Retail Sales Defy Predictions With Strong 0.7% Monthly Growth In July
Portfolio Pulse from Piero Cingari
US retail sales in July 2023 grew by 0.7% month-on-month, surpassing the expected 0.4% increase. This marks the fourth consecutive month of growth. Nonstore retailers led the growth with a 1.9% surge. However, motor vehicle and parts dealers saw a 0.3% decline. The market reacted with a brief spike in the dollar before it fell back, and stocks are set for a weak opening. S&P 500 index futures are 0.7% lower, while Nasdaq 100 futures are 0.6% lower. The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.55%, while the Invesco QQQ Trust (NASDAQ:QQQ) was up 1.12%.
August 15, 2023 | 12:57 pm
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POSITIVE IMPACT
The Invesco QQQ Trust (NASDAQ:QQQ) was up 1.12%.
The strong retail sales data indicates a robust economy, which is generally positive for the stock market. This likely contributed to the rise in QQQ.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.55%.
The strong retail sales data indicates a robust economy, which is generally positive for the stock market. This likely contributed to the rise in SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70