US Stocks Decline After Retail Sales Data Release
London: 16 August 2023: The US stocks ended lower this Monday due to multiple influences. The growth in retail sales showed that the US economy is resilient.
Retail sales grew by 0.7% last month, according to the reports of the Commerce Department. However, the experts anticipated a growth of 0.4%.
Economists speculate the interest rates to stay higher for a prolonged duration. However, there is a mixed reaction about interest rate hikes in September.
Current Status of Popular US Stock Indices
The S&P 500 was 4588.96 on 31 July. However, the index dropped to 4,437.86 as of 16 August.
The Nasdaq Composite Index was 14,346.02 on 31 July. As of 15 August, it is 13,631.05.
The Dow Jones Industrial Average was 35,559.53 on 31 July. It is at 34,946.39 as of 15 August.
Experts anticipate an inverted yield curve for longer than expected. However, the good news is that experts feel that the US economy may not end up in an economic recession soon, as anticipated earlier.
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