Stock Market Update
18-Jun-24 09:08 ET
Treasury yields turn lower, equity futures little changed after Retail Sales
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: +2.00.
The S&P 500 futures are down three points and are trading fractionally below fair value, the Nasdaq 100 futures are up two points and are trading roughly in line with fair value, and the Dow Jones Industrial Average futures are down 34 points and are trading 0.1% below fair value.
Total retail sales increased 0.1% month-over-month in May (Briefing.com consensus 0.3%) following a downwardly revised 0.2% decline (from 0.0%) in April. Excluding autos, retail sales declined 0.1% month-over-month in May (Briefing.com consensus 0.2%) following a downwardly revised 0.1% decline (from 0.2%) in April.
The key takeaway from the report is that it reflects some slowing in consumer spending on goods that will be accounted for in weaker Q2 real GDP forecasts.
Treasury yields moved lower in response. The 10-yr note yield, at 4.29% before the data, sits at 4.25% now. The 2-yr note yield was at 4.77%, but sits at 4.71% now.
