US Stock Market Today: Dow Hits All-Time High, S&P 500 Steady After Solid July Retail Sales Growth

The S&P 500 retained its weekly advance as investors welcomed signs of resilient household demand. LPL Financial’s Jeffrey Roach said monitoring auto sales and discretionary spending, including restaurants, is key to assessing consumer health.

Roach added that recession risks remain low but suggested the Federal Reserve should adopt a neutral stance and consider rate cuts in upcoming meetings. Next week’s focus will shift to the Fed’s annual Jackson Hole symposium, where Chair Jerome Powell will deliver a policy update.

Bank of America strategist Michael Hartnett warned that Powell’s dovish signals could trigger a “buy the rumor, sell the fact” reaction, leading to short-term declines. He said optimism over potential rate cuts had already encouraged inflows into equities, cryptocurrencies, and corporate bonds.