S&P 500: Bitcoin Pulls Back, Traders Trim Risk Ahead of Powell and Retail Data
Will Retail Earnings Confirm Strength in the Consumer Sector?
Big-box names including Home Depot, Lowe’s, Walmart, and Target are set to report this week, offering insight into the health of the U.S. consumer. Analysts are closely watching for signs of margin pressure, shifting spending patterns, and inventory management strategies as inflationary pressures ease and student loan payments resume.
Consumer staples eked out a 0.2% gain, while discretionary shares were unchanged. The performance of retail bellwethers could influence broader equity sentiment, particularly if consumer resilience remains intact.
How Are Sectors Performing as Rate Cut Bets Build?
Sector performance was mixed. Health care led with a 0.67% gain, helped by a 4% pop in Novo Nordisk after its Wegovy obesity drug received accelerated FDA approval for treating a serious liver condition. Industrials rose 0.23%, while financials and utilities each gained 0.03%.
Technology slipped 0.06% and communication services dropped 0.79%, showing signs of rotation out of growth stocks as rate cut bets firm. Energy and real estate also declined, down 0.34% and 0.25%, respectively, despite broader optimism over easing monetary policy.