On Wednesday, stocks experienced a decline as yields continued to rise, leading to Wall Street potentially extending its losses from the previous session.
The Dow Jones Industrial Average dropped by 164 points, translating to a 0.5% decrease. The S&P 500 was down 0.7% and the Nasdaq Composite suffered a 0.9% loss.
Despite the disappointing performance in the stock market, the retail sales data for December presented a positive surprise, indicating that consumers remain resilient. As a result, doubts have arisen regarding the necessity of aggressive rate cuts by the Federal Reserve. Retail sales saw a 0.6% increase from November, with a 0.4% monthly growth excluding automobile sales. This surpassed economists’ expectations, as they had projected a 0.4% monthly rise in retail sales and a 0.2% increase excluding auto sales, according to the Dow Jones poll.
Source (CNBC)
