Saturday, October 16, 2021

S&P lowers marginally as rising Treasury yields offset strong retail data

NEW YORK – The S&P 500 ended slightly down on Thursday, narrowing losses in late trading after unexpectedly strong retail sales data underscored the strength of the US economic recovery.

The three major indices spent much of the day in negative territory as rising US Treasury yields put pressure on market-leading tech stocks, and a rising dollar weighed on exporters.

Amazon.com Inc., buoyed by solid online sales in the Commerce Department’s report, helped push the Nasdaq into positive territory.

Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina, said: “Looking at today, clearly we had positive news from retail sales and it seems that the massive slowdown in the economy is not as many people expected. is happening.” .

“It’s a good reminder that the economy is still moving forward two steps for each step, even amid COVID concerns,” Detrick said.

Financially sensitive transportation and microchips were among the outperformers.

Data released ahead of the opening bell showed an unexpected jump in retail sales as shoppers weathered Hurricane Ida and the COVID-19 delta version, a testament to consumer resilience, which contributes nearly 70 percent to US economic growth .

“Once again, this shows that the American consumer continues to spend and continues to help this economy grow,” Detrick said.

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The Dow Jones Industrial Average fell 63.07 points, or 0.18 percent, to 34,751.32; The S&P 500 was down 6.95 points, or 0.16 percent, at 4,473.75; And the Nasdaq Composite rose 20.40 points, or 0.13 percent, to end at 15,181.92.

Eight of the 11 key sectors in the S&P 500 ended lower, with the lowest percentage declines being material.

The consumer discretionary spending sector posted the biggest gains, with Amazon.com doing the heavy lifting.

Apparel company Gap Inc. increased by 1.6 per cent. Online Marketplace Etsy Inc. and luxury accessory company Tapestry Inc. increased by 3.1 percent and 1.9 percent, respectively.

Ford Motor Company rose 1.4 percent after announcing plans to boost production of its F-150 electric pickup model.

A decline in the number of issues appearing on the NYSE to a 1.27-to-1 ratio; On the Nasdaq, a 1.06-to-1 ratio favored advances.

The S&P 500 posted nine new 52-week highs and one new low; The Nasdaq Composite posted 82 new highs and 94 new lows.

Volume on US exchanges stood at 9.37 billion shares, compared to an average of 9.44 billion over the past 20 trading days.

by Stephen Culp

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This News Originally From – The Epoch Times

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