Stocks lacked direction and existing home sales declined for the sixth month in a row in July as buyers struggled to pay for record home prices. Weekly jobless claims held steady.
Federal Reserve policymakers discussed the risks of higher rates faster but also showed willingness to look beyond the recent decline in oil, gasoline and commodities prices.
Stocks on Wall Street turned lower after retail sales in July were flat and investors digested the latest batch of earnings. Home builders fell after mortgage application volume dropped to a 22-year low.
Benchmark indexes closed mixed after a volatile session dominated by retail sector stocks. Investors cheered the latest earnings from Walmart and Home Depot and hoped that the strength in consumer spending will be reflected in results of other retail companies.
Stocks struggled to stay in the positive territory and prices for crude oil fell but natural gas rose. Better-than-expected quarterly results from Home Depot and Walmart lifted market sentiment.
Stocks extend gains. China trimmed key lending rates after the latest economic data suggested a weakening rebound in economic activities. Crude oil fell 3%. Home builders confidence declined for the eighth month in a row.
China unexpectedly cut rates for the first time since January after industrial production and retail sales slowed in January. Despite the easing of lockdown conditions over the last three months, the economic activities rebound is weaker than anticipated.
Benchmark indexes closed up 3% in the week and extended two-month advances. Bond yield inched lower and crude oil and natural gas prices closed down. Investors are hoping the sliding energy prices are easing press
The S&P 500 index is set to extend its winning streak to the fourth week in a row and gains for the eighth week from the lows in mid-June. Inflation peaking narrative is driving the two-month-long market rally.
Benchmark indexes lacked energy after the early morning advance and drifted to lower levels in a volatile session. U.S. weekly jobless claims rose and producer prices eased on a monthly basis.
Bumble lowered its revenue outlook for the full-year. Warby Parker reported a larger loss and lowered its full-year revenue outlook. Walt Disney reported strong attendance at theme parks. Six Flags said guest arrivals dropped.
Benchmark indexes extended gains for the second day after the second report on inflation showed a slight decline in as many days after energy prices eased.
Benchmark indexes in Asia closed higher following the rise in the U.S. and Europe. Asian markets advanced on the hopes that the cooling of inflation in July in the U.S. may moderate future interest rate hikes.
Global markets advanced with the cooling of consumer prices in the U.S., Germany, and China. Tech powered rally led the S&P 500 and the Nasdaq Composite to three-month highs.
Coinbase said assets held and trade volume on the platform plunged. Sweetgreen said it plans to trim staff and operating expenses and take a charge in the next quarter. Tesla chief sells stake, Trade Desk soars on revenue optimism.
