USA Redbook (YoY) 6.3% Vs 3.4% Prior
Portfolio Pulse from Benzinga Newsdesk
The USA Redbook year-over-year data shows a significant increase to 6.3% compared to the prior figure of 3.4%.
November 28, 2023 | 1:55 pm
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POSITIVE IMPACT
The SPY ETF, which tracks the S&P 500, may see a positive impact as the Redbook data suggests robust consumer spending, potentially leading to higher corporate revenues and earnings.
The Redbook index is a measure of retail sales and an increase suggests that consumer spending is strong. This can lead to improved corporate earnings, especially in the consumer discretionary sector, which in turn can have a positive effect on the overall stock market as reflected by the S&P 500 index. The SPY ETF, which mirrors the performance of the S&P 500, is likely to benefit from this positive economic data in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70