Bearish
S&P 500 edges lower amid soft retail sales and consumer sentiment data.
In the past 24 hours, the S&P 500 experienced a slight decline, closing 0.2% lower at 7,785.76. This downturn was influenced by unexpected drops in July retail sales and consumer sentiment, raising concerns about potential economic slowdown. Despite this, the index remains near record highs, supported by solid earnings and soft inflation data that reduce the likelihood of further Federal Reserve rate hikes.
Key points
- Retail sales unexpectedly fell by 0.6% in July, and consumer sentiment also declined, triggering concerns about weakening consumer spending and broader economic momentum.
- Despite the slight decline, the S&P 500 remains near record highs, supported by solid earnings and soft inflation data that reduce the likelihood of further Federal Reserve rate hikes.
- Applied Materials (AMAT) saw a 5.1% dip despite beating quarterly earnings expectations, as flat gross margin guidance disappointed some investors.
Sources
AI-generated from public news sources. Not financial advice.
