Stocks slipped on Friday amid underwhelming economic data on consumer prices and retail sales.
All three major indices moved less than 0.2% as stocks stayed mired in a tight trading range. The S&P 500 declined further from record highs reached on Wednesday.
First up, the scoreboard:
- Dow: 20,892.71, -26.71, (-0.13%)
- S&P 500: 2,390.63, -3.80 (-0.16%)
- Nasdaq: 6,121.23, +5.27 (+0.09%)
- US 10-year yield: 2.326%, -0.0616
- WTI crude: $US47.90, +0.07, (0.15%)
1. US consumer prices rebounded in April. The consumer price index, a measure reflecting price changes based on a basket of consumer good, rose 0.2% from March.
2. Retail sales missed forecasts. Sales rose by 0.4% month-over-month in April. Economists were expecting a 0.6% increase.
3. US oil rig count rose for 17th straight week, extending the longest stretch since 2011. It reached the highest level since the week of April 17, 2015. The streak of gains illustrates that drillers are finding efficient ways to ramp up production in a lower oil-price environment.
4. Bigger paychecks for US workers could be bad news for stocks. Stock investors have already begun rewarding companies with the lowest labour costs, since they’re seen as better able to absorb rate hikes.
5. Money is pouring into one of the world’s biggest stock markets at a record pace. Investors poured roughly $US6 billion into European equities last week, the most in history.
6. JC Penney tanked after a big miss on sales. Net sales totaled $US2.71 billion, missing the forecast for $US2.77 billion.
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