Mixed US Stocks as Retail Sales Disappoint
US stocks opened mixed on Friday, August 14, as investors weighed weaker-than-expected retail sales against easing concerns over inflation and interest rates. The S&P 500 was little changed near a record high, while the Nasdaq edged higher and the Dow slipped.
The S&P 500 is on track for its third straight weekly gain, with energy and technology stocks leading the charge. Technology and communication services stocks were among the biggest gainers in the index, rising around 1% each.
US retail sales fell 0.6% in July, marking the steepest monthly decline in more than a year and coming in well below economists' expectations for a 0.1% increase. The sharp fall in retail sales was offset by resilient corporate earnings and expectations that the Fed may have room to ease policy later this year if inflation continues to cool.
Investors will be watching Nvidia's earnings report due on August 26, as it provides further clues on the strength of the artificial intelligence investment cycle. Target and Walmart are among the major retailers scheduled to report results next week.