Core Retail Sales (MoM) (May) -0.1% vs +0.2% Est.
Portfolio Pulse from Benzinga Newsdesk
Core Retail Sales for May decreased by 0.1%, missing the estimated increase of 0.2%.
June 18, 2024 | 12:30 pm
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NEGATIVE IMPACT
Core Retail Sales for May fell by 0.1%, missing the expected increase of 0.2%. This negative economic data could weigh on the SPY ETF, which tracks the S&P 500, as it reflects weaker consumer spending.
The SPY ETF, which tracks the S&P 500, is likely to be impacted by the weaker-than-expected Core Retail Sales data. Lower consumer spending can lead to lower revenues for many companies within the index, potentially causing a short-term decline in SPY's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80