If the worst retail sales number in 12 months doesn't send the S&P to 1,700 nothing will. Because that is precisely the data point we got moments ago when the Census bureau reported June retail sales growth of 0.4%, missing expectations of a 0.8% print and down from a downward revised 0.5%. However, the only growth in the headline number was thanks to auto and gas sales. Ex autos retail sales were unchanged on expectations of a 0.5% increase, while ex autos and gas the print was down -0.1%, crushing hopes of a +0.4% increase. Any minute now, however, the Fed's S&P500 trickle down wil, with a 4 year delay, hit the end consumer: the entire Princeton economics department pinky swears.
[4]
[5]
Ironically for the housing recovery had a bit of a sputter, with Building Material and related retail sales dropping 2.2% on an adjusted basis in June (and crashing Unadjusted but who cares about real, unfudged data):
[6]
Equity futures, of course, tried to push higher but then stalled... as FX and rate markets show the real reaction...
[7]