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The CML Close - Stocks rise, retail sales rise, inflation expectations drop  - 07-15-2022

Date Published:

Stocks rose on a fresh batch of economic data and Fed governor comments.

Future inflation expectations unexpectedly dropped and retail sales unexpectedly rose.

SPX 3,863.16 +72.78 (+1.92%)
NASD 11,452.42 +201.24 (+1.79%)
DJIA 31,288.26 +658.09 (+2.15%)
R2K 1,744.37 +36.87 (+2.16%)
VIX 24.23 -2.17 (-8.22%)
Oil 97.57 +1.79 (+1.87%)

• Inflation expectations eased.

• Retail sales rose.

• Industrial production dropped.

• Consumer sentiment rose.

• China's GDP is facing the impact of zero COVID policy.

Headlines of the Day
Rally on Wall Street gains momentum, with the Dow surging 600 points
Stocks rallied on Friday as traders digested a fresh batch of bank earnings and strong economic data, which alleviated some worries that the Federal Reserve may hike by 100 basis points to subdue rising inflation.

Retail Sales Actually Slowed Down. What It Means for the Fed
The June numbers were strong, but didn't keep up with the pace of inflation. And consumer sentiment improved slightly.

China Growth Slows Sharply, Putting GDP Target Out of Reach
Growth just 0.4% in second quarter despite June improvement. Economists see China’s demand for imports remaining weak.

Fed’s Waller Backs 75 Basis-Point Rate Hike, Says Bigger Move Hangs on Data
Official says he’s watching retail sales, housing figures. Traders pare bets on 100 basis-point move after comments.

Fertilizer Crisis Hurting Eastern EU Crops May Worsen
Hungary’s Nitrogenmuvek sees grain yields down 15%-20% in 2022. Problems may persist throughout season if gas woes heighten.

Economic Data Results for 7-15-2022
Michigan 5 Year Inflation Expectations
Michigan 5 Year Inflation Expectations in the United States decreased to 2.80 percent in July from 3.10 percent in June of 2022.

The University of Michigan consumer sentiment
The University of Michigan consumer sentiment for the US increased to 51.1 in July of 2022 from a record low of 50 in June, beating market forecasts of 49.9, preliminary estimates showed.

U.S. Retail Sales
Retail sales in the US jumped 1% mom in June of 2022, beating forecasts of a 0.8% gain, and recovering from a downwardly revised 0.1% drop in May.

United States Industrial Production MoM
Industrial production in the United States decreased 0.2% from a month earlier in June of 2022, missing market expectations of a 0.1% increase and after being unchanged in May.

Economic Data Due on 7-18-2022
United States Nahb Housing Market Index


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