Indexes rise despite weaker May retail sales data, pushing Treasury yields lower

From Yahoo Finance: 2024-06-18 17:46:07

Retail sales data for May came in weaker than expected, with month-to-month sales rising 0.1%. Stocks rose as investors assessed the impact on rate cut forecasts, pushing Treasury yields lower. Despite the weak consumer outlook, the S&P 500 and Nasdaq continued their record-setting run. Sales climbed 2.3% year-to-year, but prior months were revised lower. Treasury yields dropped three basis points to 4.25% in response. Analysts are concerned about pressure on lower and middle income wage earners. Most investors predict the first rate cut will happen in September, although recent Fed comments suggest December may be more likely. Oil futures rose, Gold inched up, and Bitcoin fell. Source: Business Insider.



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