The three major averages in the US swung around the flatline on Friday, as traders digest much weaker-than-expected retail sales that raised concerns about the strength of the US consumer spending.
Retail sales declined 0.9% last month and the control sales which is used to calculate GDP declined 0.8%. Consumer spending was likely hit by harsh weather and wildfires in LA.
Meanwhile, President Trump signed a directive instructing the US Trade Representative and Commerce Secretary to propose new country-specific tariffs. Investors await further details and remain hopeful that negotiations could avert the levies.
Money markets are now pricing in around 40bps of Fed cuts in 2025. Energy and materials were the top performing sectors while consumer staples booked the biggest loss.
Among megacaps, Nvidia (1.4%), Apple (0.6%) and Tesla (0.6%) were higher while Broadcom sank more than 2.5%. So far on the week, the S&P is up 1.5%, the Dow gained 0.9% and the Nasdaq added 2.2%
Source: Trading Economics
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