Retail Sales Sink In January, Manufacturing Indicators Improve, Jobless Claims Fall: Thursday's Economic Digest
Portfolio Pulse from Piero Cingari
Retail sales in January saw a significant slowdown, contracting by 0.8% month-over-month, while manufacturing indicators from New York and Philadelphia showed signs of recovery. Jobless claims also fell, indicating a stronger labor market. The economic data influenced market expectations, with traders pricing in rate cuts by December 2024. The S&P 500, tracked by SPDR S&P 500 ETF Trust (SPY), experienced a 1% increase in its last session.
February 15, 2024 | 1:42 pm
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The SPDR S&P 500 ETF Trust (SPY) saw a 1% increase in its last session, reflecting positive market sentiment despite mixed economic data.
The SPY's recent performance, particularly the 1% increase, suggests that the market is reacting positively to the mixed economic data. The improvement in manufacturing indicators and a decrease in jobless claims may offset concerns about the slowdown in retail sales, supporting investor confidence in the short term. Additionally, the anticipation of rate cuts by December 2024 could be fueling optimism.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90