- US stocks fell Friday after disappointing retail sales data showed the ongoing economic rebound slowed in July.
- Investors continue to expect further government stimulus even though talks for the next package are at a standstill.
- The market will also be watching for news on trade talks, as senior US and Chinese officials are scheduled to meet Saturday.
- Read more on Business Insider.
US stocks fell on Friday after disappointing retail sales data showed the rebound in retail sales slowed in July as new coronavirus cases ticked up.
Retail sales edged up 1.2% in July, missing economist estimates for a 2.3% increase and down from a revised 8.4% jump in June. The weaker than expected report suggests that the economic recovery from the coronavirus pandemic recession is losing steam as spiking COVID-19 cases curb American’s shopping.
Here’s where US indexes stood shortly after the 9:30 a.m. ET market open on Friday:
- S&P 500:3,368.79, down 0.1%
- Dow Jones industrial average: 27,804.85, down 0.3% (92 points)
- Nasdaq composite:11,047.50, up 0.1%
Investors continue to expect further stimulus from the government, even as Democrats and Republicans are at a stalemate over the next package. It is unlikely that a deal will come this week as talks have not yet resumed.
In addition, traders will be awaiting further news on trade talks, as senior US and Chinese officials are scheduled to meet Saturday.
It is expected that China will look to discuss the US’s recent crackdown on businesses such as TikTok and WeChat. The two sides are also expected to discuss compliance with the phase one trade agreement signed in January.
Oil slipped, as a report from the International Energy Agency reduced forecasts for demand. West Texas Intermediate crude slipped as much as 1.1%, to $US41.77 per barrel. Brent crude, the international benchmark, dropped 1.1%, to $US44.48 per barrel, at intraday lows.
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