S&P ends modestly lower as rising Treasury yields offset robust retail data By Reuters
© Reuters. FILE PHOTO: A road signal for Wall Avenue is seen outdoors the New York Inventory Trade (NYSE) in New York Metropolis, New York, U.S., July 19, 2021. REUTERS/Andrew Kelly/File Picture
By Stephen Culp
NEW YORK (Reuters) – The ended barely down on Thursday, paring losses in late buying and selling after unexpectedly sturdy retail gross sales information underscored the energy of the U.S. financial restoration.
The three main indexes spent a lot of the day in detrimental territory as rising U.S. Treasury yields pressured market-leading tech shares, and the rising greenback weighed on exporters.
Amazon.com Inc (NASDAQ:), buoyed by strong on-line gross sales within the Commerce Division’s report, helped push the Nasdaq into optimistic territory.
” at present, clearly we had optimistic information from retail gross sales and it seems as if the huge slowdown within the economic system just isn’t materializing as lots of people anticipated,” mentioned Ryan Detrick, senior market strategist at LPL Monetary (NASDAQ:) in Charlotte, North Carolina.
“It is a good reminder that the economic system remains to be taking two steps ahead for every step again even amid the COVID issues,” Detrick added.
Economically delicate transports and microchips had been among the many outperformers.
Knowledge launched earlier than the opening bell confirmed an surprising bump in retail gross sales as consumers weathered Hurricane Ida and the COVID Delta variant, proof of resilience within the client, who contributes about 70% to U.S. financial progress.
“As soon as once more, it exhibits the U.S. client continues to spend and continues to assist this economic system develop,” Detrick mentioned.
The fell 63.07 factors, or 0.18%, to 34,751.32; the S&P 500 misplaced 6.95 factors, or 0.16%, at 4,473.75; and the added 20.40 factors, or 0.13%, at 15,181.92.
Eight of the 11 main sectors within the S&P 500 ended decrease, with supplies struggling the most important share drop.
The patron discretionary spending sector posted the most important acquire, with Amazon.com doing the heavy lifting.
Attire firm Hole Inc (NYSE:) gained 1.6%. On-line market Etsy (NASDAQ:) Inc and luxurious accent firm Tapestry (NYSE:) Inc rose 3.1% and 1.9%, respectively.
Ford Motor (NYSE:) Co rose 1.4% after it introduced plans to spice up manufacturing of its F-150 electrical pickup mannequin.
Declining points outnumbered advancing ones on the NYSE by a 1.27-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.
The S&P 500 posted 9 new 52-week highs and one new low; the Nasdaq Composite recorded 82 new highs and 94 new lows.
Quantity on U.S. exchanges was 9.37 billion shares, in contrast with the 9.44 billion common over the past 20 buying and selling days.
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