Retail Sales Rise 0.1% In August, More Than Expected, Trimming Odds Of Larger Fed Rate Cut (CORRECTED)
Portfolio Pulse from Piero Cingari
U.S. retail sales rose by 0.1% in August, exceeding expectations and potentially influencing a smaller Fed rate cut. The U.S. Dollar Index strengthened, and Treasury yields rose, impacting ETFs like UUP, QQQ, and SOXX.
September 17, 2024 | 12:53 pm
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NEUTRAL IMPACT
The iShares Semiconductor ETF (SOXX) previously fell by 1.3% but may see stabilization as tech stocks recover, influenced by retail sales data.
SOXX experienced a decline but could stabilize as tech stocks, including semiconductors, show signs of recovery following the retail sales report.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
The Invesco QQQ Trust, Series 1 (QQQ) saw a slight increase in premarket trading despite a previous decline, as tech stocks showed signs of recovery.
Despite a previous decline, QQQ showed a slight increase in premarket trading, indicating a potential recovery in tech stocks, which are a significant component of this ETF.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The Invesco DB USD Index Bullish Fund ETF (UUP) strengthened as the U.S. Dollar Index rose following the retail sales report, driven by rising Treasury yields.
The retail sales report led to a stronger U.S. Dollar Index, which directly impacts UUP, an ETF tracking the dollar's performance. Rising Treasury yields further support this trend.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80