US Stock Market Overview – Stocks Settle Mixed; But S&P and Nasdaq Close a Weekly All-time Highs

Consumer sentiment rises despite coronavirus
David Becker

US stocks were mixed on Friday, as better than expected consumer sentiment was offset by weak industrial production. Retail sales came out in line with expectations but core retail sales were soft. Sectors in the S&P 500 index were mixed, with Energy the worst-performing sector. Utilities bucked the trend. Concerns over the coronavirus ahead of the US President’s Day long weekend, saw traders take profits.

Consumer Sentiment Rises More than Expected

The University of Michigan reported that consumer sentiment figures for February came in higher than expected. Consumer sentiment index came in at 100.9 for February. Expectations had been that February consumer sentiment to come in at 99.5. Consumers’ assessment of current economic conditions was virtually unchanged from January while expectations rose slightly.

Retail Sales Rise in Line with Expectations

The Commerce Department reported that US retail sales rose 0.3% in January, in line with expectations. Data for December was revised down to show retail sales gaining 0.2% instead of climbing 0.3% as previously reported. Auto sales rebounded 0.2% after slumping 1.7% in December. Sales at building material stores jumped 2.1%, the most since last August. Retail sales excluding automobiles, gasoline, building materials and food services were unchanged last month. Data for December was revised down to show the so-called core retail sales rising 0.2% instead of jumping 0.5% as previously reported. Expectations were for core retail sales to rise 0.3% last month. The unchanged reading in core retail sales suggested consumer spending slowed further.

US Industrial Production Fell in January

The Federal Reserve reported that US industrial production fell 0.3% in January. The Fed said manufacturing production fell 0.1% in January, matching forecasts, but December’s manufacturing output was revised lower to a 0.1% gain from a previously reported 0.2% gain. Overall industrial output for December was revised downward to a 0.4% reduction from a previously reported 0.3% drop. Expectations has been that industrial output would fall 0.2% in January, with manufacturing output forecast to be down 0.1%. On a year over year basis production at factories fell 0.8% in January.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.