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Daily Market Update
with JJ Kinahan

5 min read

Dog Days: Equities in Holding Pattern Amid Stimulus Stall, Bond Market Auctions

(Friday Market Open) Those hoping to wake up to a different vibe for the trading day this morning may have been disappointed as stock index futures charts looked pretty similar to yesterday’s indices.

The market seems to be in a holding pattern at the moment as participants continue waiting on a stimulus deal from Washington, where lawmakers don’t seem to be making all that much progress. The S&P 500 Index (SPX) pulling back from a record-close hasn’t helped sentiment much, nor did news overnight that Chinese industrial production rose at a slower-than-forecast clip and retail sales there unexpectedly fell.

Back home, the Commerce Department released mixed retail sales data. The headline number came in up 1.2% versus Briefing.com consensus of up 1.8%. Ex-autos, however, retail sales were a tad stronger than expected—up 1.9% vs. consensus estimate of up 1.4%. 

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