For the third trading session in a row, stocks are falling again.
This morning’s advance retail sales report caused a bit of selling in the futures at 8:30 AM ET, but the S&P 500 really took a turn downward when exchanges opened at 9:30.
Now, the index is down 0.4% from yesterday’s close to 1682, trading near its lows of the day.
If the market closes down again today, it will mark the sixth trading session in the last seven that stocks have fallen since the all-time high of 1709 on August 2.
Treasuries are also taking a beating this morning. 5-year Treasury futures are down 0.3%, and the yield on the 10-year note is 8 basis points higher from yesterday’s close at 2.70%.
That’s just 4 basis points below the highs reached at the culmination of the big sell-off in the Treasury market of the past few months on July 5, when the 10-year Treasury closed at 2.74%.
The headline number in today’s advance retail sales report missed expectations, showing 0.2% sales growth in July versus the 0.3% growth predicted by market economists, but sales excluding autos were better than expected, rising 0.5% last month versus estimates for a 0.4% rise.
The chart below shows S&P 500 futures this morning.
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