U.S. Markets closed
  • S&P 500

    3,699.12
    +32.40 (+0.88%)
     
  • Dow 30

    30,218.26
    +248.74 (+0.83%)
     
  • Nasdaq

    12,464.23
    +87.05 (+0.70%)
     
  • Russell 2000

    1,892.45
    +43.75 (+2.37%)
     
  • Crude Oil

    46.09
    +0.45 (+0.99%)
     
  • Gold

    1,842.00
    +0.90 (+0.05%)
     
  • Silver

    24.32
    +0.18 (+0.76%)
     
  • EUR/USD

    1.2127
    -0.0022 (-0.1819%)
     
  • 10-Yr Bond

    0.9690
    +0.0490 (+5.33%)
     
  • Vix

    20.79
    -0.49 (-2.30%)
     
  • GBP/USD

    1.3438
    -0.0015 (-0.1088%)
     
  • USD/JPY

    104.1400
    +0.2800 (+0.2696%)
     
  • BTC-USD

    19,236.54
    +29.73 (+0.15%)
     
  • CMC Crypto 200

    365.19
    -14.05 (-3.71%)
     
  • FTSE 100

    6,550.23
    +59.96 (+0.92%)
     
  • Nikkei 225

    26,751.24
    -58.13 (-0.22%)
     

US Stock Market Overview – Stocks Close Mixed Following Weak Retail Sales

David Becker
·2 min read

 

The major US indices were down on Tuesday but the smallcap Russell 200 bucked the trend. Most sectors in the S&P 500 index were lower, led down to Utilities and Healthcare. Energy and Material outperformed. The dollar continued to move lower on Tuesday helping oil prices which in turn help the energy sector gain traction. Bitcoin prices also continued to break out. The Fed was on the tape saying that they will keep rates low for the foreseeable future. Judy Shelton, President Trump’s candidate for the Federal Reserve, was rejected by the Senate on Tuesday. Here feeling that the President and Congress should have greater sway on Fed decisions, eroding its independence hampered her candidacy. Retail sales came in weaker than expected as the decline in stimulus weighed on spending. US import prices also came in weaker than expected showing that inflation remains tame.

US Retail Sales Miss

US retail sales increased less than expected in October according to the Commerce Department. Retail sales rose 0.3% last month, compared to expectations that they would increase by 0.5%. Data for September was revised down to show sales surging 1.6% instead of shooting up 1.9% as previously reported. Excluding automobiles, gasoline, building materials and food services, retail sales nudged up 0.1% after a downwardly revised 0.9% increase in September.

Import Prices Unexpectedly Decline

US import prices declined in October as oil and gasoline prices declined. According to the Labor Department, import prices dipped 0.1% last month. Data for September was revised down to show import prices gaining 0.2% instead of rising 0.3% as previously reported. Expectations had been for import prices, to rise by 0.2% in October. Year over year import prices fell 1.0% after declining by 1.4% in September.

This article was originally posted on FX Empire

More From FXEMPIRE: