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Stocks slide despite strong retail sales

Stocks slide despite strong retail sales

Posted: Jul 16, 2021 1:40 PM
Updated: Jul 16, 2021 1:40 PM

Consumers were spending like mad last month, but investors don't seem too impressed. Stocks ended Friday in the red, even though the government reported a solid rebound in retail sales for June.

The Dow dropped nearly 300 points, a loss of about 0.9%. Oil stocks and banks led the way down, with Chevron, JPMorgan Chase and Goldman Sachs among the bigger Dow losers. The S&P 500 and Nasdaq each fell about 0.8%.

Investors appear to be nervous about a weaker-than-expected reading on consumer confidence from the University of Michigan. The reading for July was down from a month earlier.

Still, consumers aren't always the most reliable judges of what's next for the economy. Sentiment is a tricky thing that often follows news headlines and the state of the stock market. Actions, such as retail sales, which show real spending, are often more reliable barometers.

Consumers have been overly bullish just before economic or market meltdowns. That was the case in January 2000. Consumer confidence hit a then record high just as tech stocks were about to implode. Sentiment was also at a high level in 2007 before the housing market crashed.

But despite Friday's drop, the Dow and the S&P 500 finished the week just slightly lower, and not far from their record highs. The Nasdaq fell nearly 2% over the past five days.

Bitoech Moderna was a bright spot Friday, surging more than 10% following the news that the Covid-19 vaccine maker is being added to the S&P 500.

The-CNN-Wire
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Oregon Coronavirus Cases

Data is updated nightly.

Cases: 387485

Reported Deaths: 5116
CountyCasesDeaths
Multnomah59768836
Washington41571393
Marion39592504
Clackamas32426376
Lane29856354
Jackson24672350
Deschutes23182185
Umatilla15087180
Linn14488178
Douglas13236286
Josephine10057240
Yamhill9665142
Klamath8979145
Polk813698
Benton605137
Malheur591586
Coos5573106
Columbia423855
Jefferson416865
Lincoln357252
Union336854
Crook330156
Wasco314846
Clatsop258335
Baker217531
Tillamook214345
Hood River211337
Morrow197025
Curry190136
Harney119332
Grant108314
Lake104016
Wallowa74713
Sherman1903
Gilliam1844
Wheeler1141
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 5060666

Reported Deaths: 74152
CountyCasesDeaths
Los Angeles152491227121
San Diego4047084319
Riverside3849455306
San Bernardino3718825944
Orange3329505675
Sacramento1674002423
Kern1565171781
Fresno1558992246
Santa Clara1511691922
Alameda1246581504
San Joaquin1070001833
Ventura1036461188
Contra Costa1032921045
Stanislaus912991413
Tulare856141082
San Francisco56614669
San Mateo56058629
Monterey52340625
Solano47422356
Santa Barbara47035548
Merced44807664
Sonoma42912412
Placer41881468
Imperial38128769
Kings35038358
San Luis Obispo31294358
Madera26005311
Shasta25917440
Butte25295309
Santa Cruz22028222
Yolo21451257
Marin18342248
El Dorado18166161
Sutter14494181
Napa13372104
Yuba1070088
Tehama10230129
Humboldt10043117
Nevada9914103
Mendocino848894
Lassen792355
San Benito775977
Tuolumne767790
Lake6990110
Amador573766
Siskiyou470954
Glenn455136
Calaveras435685
Del Norte371242
Colusa323519
Inyo254345
Plumas19127
Mono18294
Mariposa156718
Trinity98817
Modoc7475
Unassigned2430
Sierra2170
Alpine1060
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