Courtesy of Blain.
Another quiet summer Friday as the S&P 500 slipped 0.08% and the NASDAQ gained 0.09%; volatility was scant. This has been one slow motion rally! Retail sales for July came in unchanged, with economists expecting a 0.4% increase.
“If you look at the retail sales number ex auto, the number is even weaker. We always think that the retail sales data is the true reflection of the consumer spending and the number produced today tells us that consumption is very slow. The number will also an impact on the start of the third quarter,” Naeem Aslam, chief market analyst at Think Markets, said in a Friday note to clients.
Not much to add on these index charts as they are really barely moving!
The NYSE McClellan Oscillator has remained stuck in red for a full 2 weeks now.
While the U.S. has been stuck in mud for the past week or two, emerging markets regained some momentum this week.
What a move in Alibaba (BABA) a day after it surged on earnings.
After a lot of rough season this year a lot of “rallying on mediocre news but better than very low bars” happened in retail this week – today it was the turn of JC Penney (JCP ) and Nordstrom (JWN). JCP gained 6% after the retailer reported narrower-than-expected second-quarter losses, though sales were just below estimates. Meanwhile, Nordstrom jumped 8% after posting better-than-expected sales and raised profit projections for the year. Nordstrom had already rallied on Macy’s (M) report the prior day.
Nvidia (NVDA) rose 5.6% after the maker of graphics chips late Thursday posted better-than-expected earnings. Pretty awesome chart!
Have a good summer weekend and we’ll see you back here Monday.
