Core Retail Sales (MoM) (Jan) -0.6% vs +0.2% Est.
Portfolio Pulse from Benzinga Newsdesk
Core Retail Sales in January decreased by 0.6%, contrary to the expected increase of 0.2%. This indicates a contraction in consumer spending which could have implications for economic growth and investor sentiment.
February 15, 2024 | 1:30 pm
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NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) could see short-term volatility as the Core Retail Sales report indicates weaker consumer spending, potentially affecting overall economic growth and market sentiment.
The SPDR S&P 500 ETF Trust (SPY) is a broad market ETF, making it sensitive to changes in economic indicators like retail sales. A decrease in consumer spending can signal slower economic growth, which may lead to reduced investor confidence and increased market volatility. Given the unexpected drop in Core Retail Sales, this could lead to a negative short-term impact on SPY as investors reassess the economic outlook.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80