July 21, 2024

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U.S. Stocks Turning In Lackluster Performance Following Yesterday’s Rally

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Stocks are turning in a relatively lackluster performance during trading on Tuesday but are largely holding on to yesterday’s strong gains. The Nasdaq and the S&P 500 are lingering near the unchanged line after ending the previous session at record closing highs.

Currently, the major averages are narrowly mixed. While the S&P 500 is up 3.18 points or 0.1 percent at 5,476.41, the Nasdaq is down 18.05 points or 0.1 percent at 17,838.97 and the Dow is down 24.57 points or 0.1 percent at 38,753.53.

The choppy trading on Wall Street comes following the release of a mixed batch of U.S. economic data, with reports on retail sales and industrial production telling two separate stories.

The Commerce Department released a report this morning showing retail sales crept up by 0.1 percent in May after dipping by a revised 0.2 percent in April.

Economists had expected retail sales to rise by 0.2 percent compared to the unchanged reading originally reported for the previous month.

Excluding an increase in sales by motor vehicle and parts dealers, retail sales edged down by 0.1 percent in May after slipping by a revised 0.1 percent in April.

Economists had expected ex-auto sales to climb by 0.2 percent, matching the increase originally reported for the previous month.

“Retail sales came in really light this morning and while that may be good news for inflation hawks, it could be the beginning of a slowdown in growth, which would hurt a lot more than a couple of interest rate cuts would help,” said Chris Zaccarelli, Chief Investment Officer for Independent Advisor Alliance.

Meanwhile, the Federal Reserve released a separate report showing industrial production increased by much more than expected in the month of May.

The Fed said industrial production jumped by 0.9 percent in May after coming in unchanged in April. Economists had expected industrial production to rise by 0.3 percent.

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2024-06-18 11:02:11

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