Stocks mostly higher after surging retail sales
Seventh Capital managing principal Monica Mehta and Belpointe Asset Management chief strategist David Nelson on the rise in retail sales and how the Federal Reserve could slow down the stock market.
Tariff concerns heated up again as President Trump has decided to impose “pretty significant” tariffs and will unveil a list targeting $50 billion of Chinese goods.
Continue Reading Below
Dow Jones futures were lower by 0.27%. The S&P 500 fell 0.15% and the Nasdaq Composite was off 0.06%.
The final list of Chinese imports that will be subject to tariffs will be released Friday.
Beijing has made it clear that it intends to impose its own tariffs on a corresponding amount of U.S. goods.
In Friday’s trading, the Shanghai Composite ended the session down 0.7%, and down 1.5% for the week.
Japan’s central bank maintained its ultra-loose monetary policy on Friday and downgraded its view on inflation.
Advertisement
Japan’s Nikkei closed the day up 0.5% and higher by 0.7% for the week.
U.S. stocks were mixed on Thursday, following the latest batch of economic data and the Fed’s decision to hike interest rates by 25 basis points.
The Dow Jones Industrial Average fell 25.89 points to 25,175.31. The S&P 500 rose 6.86 points to 2,782.49. The Nasdaq Composite gained 65.34 points to 7,761.04, hitting a new record high.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25175.31 | -25.89 | -0.10% |
| SP500 | S&P 500 | 2782.49 | +6.86 | +0.25% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7761.0419 | +65.34 | +0.85% |
On Thursday, the European Central Bank (ECB) moved as expected to maintain interest rates. The central bank said it expects to end its bond-buying program in December.
Stateside, there was a barrage of economic data released on Thursday, including U.S. retail sales, which increased by 0.8% in May; import prices, which jumped 0.6% in May; and weekly jobless claims, which dropped by 4,000 to 218,000 while the four-week average of claims fell by 1,250 to 224,250.
On Friday’s economic calendar, traders will get the latest reports on industrial production, consumer sentiment and the latest read on manufacturing in the mid-atlantic region.
FOX Business’ Leia Klingel contributed to this article.
