• US stock market daily report (July 14, 2015, Tuesday)

    The U.S. Commerce Department released data on Tuesday that shows consumer retail sales dipped slightly by 0.3%, striking the weakest reading since February 2015 after May's downwardly revised 1.0% increase. Along with disappointing employment report for June, the drop in retail sales could indicate the economy may have lost some momentum at the end of Q2.

    Excluding automobile sales - retail sales for building materials, food services and gasoline dipped 0.1% following a 0.7% gain during May.

    So-called core retail sales correspond closely with consumer spending component of gross domestic product (GDP).

    As households cut back on purchases of big ticket items like automobiles and a range of other goods, U.S. retail sales unexpectedly fell in June, raising concerns that the economy is starting to slow, again.

    Tied with signs of softening in the labor market across the states, Tuesday's weak retail sales report could dampen expectations for an interest rate hike from the Federal Reserve this year.

    The economy contracted at a 0.2% annual rate during Q1.

    Contributed by Millennium Traders
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