Wall St marches ahead as retail sales quell slowdown worries
Wall Street’s main indexes rose about 1% on Thursday as retail sales data for July indicated resilient consumer spending, allaying fears of an imminent recession in the world’s biggest economy. All megacap and growth stocks edged up, with Tesla leading the pack, rising 4.1%. Nine of the 11 major S&P 500 sectors were trading higher, with consumer discretionary and materials leading gains. Retail sales increased 1.0% last month after a downwardly revised 0.2% drop in June, easing fears of a sharp economic slowdown that were fanned by a jump in the unemployment rate last week. Wall Street struggles for direction as Alphabet falls “The economy is not going into a recession imminently. This will take 50 basis points in September off the table. Still think that 25 basis points make sense just because inflation continues to ease,” said Steve Wyett, chief investment strategist at BOK Financial. The yield of the two-year and 10-year Treasury notes rose after the data, with traders increasing the bets for a 25 basis points rate cut by the Federal Reserve to 75% versus 65% before the data.
https://www.brecorder.com/news/40317673/wall-st-marches-ahead-as-retail-sales-quell-slowdown-worries