Retail sales for June beat expectations, leading to a surge in stock market indices.

From Nasdaq: 2024-07-16 10:49:00

The pre-market saw a strong start, with key economic data revealing a Retail Sales beat for June and increasing the likelihood of no July rate cut. Stock market indices surged, with the Dow up +150 points, the S&P 500 up +16, and the Nasdaq up +62 points.

On the earnings front, major corporations like Bank of America, Morgan Stanley, and UnitedHealthcare posted solid beats. Bank of America beat earnings estimates by +5%, while Morgan Stanley outpaced estimates and UnitedHealthcare beat expectations in Q2.

In addition, Business Inventories for May and a new Homebuilders Confidence Index for July are expected to show slight improvements. The 10th Amazon Prime Day is forecasted to generate a +7% increase from the previous year, with Amazon introducing additional shopping events over the years like a holiday sale in October and a Big Spring Sale earlier this year.



Read more at Nasdaq: Retail Sales Came in Better Than Expected