USA Business Inventories (MoM) For May 0.5% Vs 0.4% Est.; 0.3% Prior
Portfolio Pulse from Benzinga Newsdesk
USA Business Inventories for May increased by 0.5%, surpassing the estimated 0.4% and the previous month's 0.3%.
July 16, 2024 | 2:00 pm
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POSITIVE IMPACT
The increase in USA Business Inventories for May to 0.5% from the estimated 0.4% and previous 0.3% indicates a potential positive outlook for the broader market, which could positively impact SPY.
The higher-than-expected increase in business inventories suggests stronger economic activity, which is generally positive for the broader market. As SPY tracks the S&P 500, it is likely to benefit from this positive economic indicator.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50