Dow, S&P 500 Dip On Mixed Retail Sales Data

Wall Street stocks were mostly lower early Friday as investors digested mixed retail sales data ahead of US-China trade talks this weekend

New York, (UrduPoint / Pakistan Point News - 14th Aug, 2020 ) :Wall Street stocks were mostly lower early Friday as investors digested mixed retail sales data ahead of US-China trade talks this weekend.

About 15 minutes into trading, the Dow Jones Industrial Average was down 0.4 percent at 27,793.40.

The broad-based S&P 500 shed 0.1 percent to 3,370.06, while the tech-rich Nasdaq Composite Index added 0.1 percent at 11,051.48.

US retail sales in July increased 1.2 percent compared to June, a more modest increase than economists had been expecting, held down by a decline in auto sales.

"Uncertainty surrounding job and income prospects could weigh on consumer confidence and spending going forward," Rubeela Farooqi, chief US economist at High Frequency Economics, said in a note.

"For now, we see consumer spending bouncing in the third quarter with downside risks from repeated closures and more cautious consumer attitudes." Farooqi said a major question was how much the expiration of supplemental unemployment payments would drag on sales.

Senators left Washington Thursday for summer recess after congressional leaders failed to reach an agreement on a fiscal package with the White House.

Markets are looking ahead to talks between the United States and China on the "phase one" trade deal signed earlier this year.

Tensions are high between the two countries on a range of issues, including the Chinese crackdown on Hong Kong and US restrictions on Chinese technology companies, but officials have described the trade agreement as on track.