{"id":12030,"date":"2023-08-15T20:25:05","date_gmt":"2023-08-15T20:25:05","guid":{"rendered":"https:\/\/isafespend.com\/investing\/stock-market-today-dow-lower-as-treasury-yields-rise-after-retail-sales-surprise\/"},"modified":"2023-08-15T20:25:05","modified_gmt":"2023-08-15T20:25:05","slug":"stock-market-today-dow-lower-as-treasury-yields-rise-after-retail-sales-surprise","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12030","title":{"rendered":"Stock Market Today: Dow lower as Treasury yields rise after retail sales surprise"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — The Dow ended lower Tuesday, as an ongoing stumble in China’s economy raised fears about global growth just as\u00a0Treasury yields after stronger-than-expected consumer spending dented hopes that the Federal Reserve won’t resume rate hikes later this year.\u00a0<\/p>\n

The fell 1%, or\u00a0361 points, fell 1.1%, and the\u00a0 fell 1% lower.<\/p>\n

Retail sales upside surprise dent dovish Fed bets, push Treasury yields higher<\/h2>\n

Retail sales rose , well above expectations for 0.4%, marking the biggest increase since January. <\/strong><\/p>\n

The data pointing to signs of consumer strength cooled bets the Fed may not have to resume rate hikes later this year, and further pushed out expectations for rate cuts.<\/p>\n

Bets on a Fed November rate hike rose to 32.2% from 26.4% last week, according to the CME FedWatch Tool.<\/p>\n

But some on Wall Street expect the consumer to tap out sooner rather than later.<\/p>\n

\u201cWe expect retail sales to weaken through the end of the year is expected as availability of credit weighs on economic activity and the labor market,\u201d Morgan Stanley said in a note.<\/p>\n

The jumped to end the day at their highest level since October amid easing bets of less hawkish Fed action.\u00a0 \u00a0\u00a0<\/p>\n

Banking stocks stumble as Fitch warns of possible downgrade; Discover Financial slumps<\/h2>\n

Fitch Ratings analyst Chris Wolfe told CNBC on Tuesday that the credit ratings agency may forced to downgrade a slew of U.S. banks including JPMorgan (NYSE:) should the health of the banking sector deteriorate further.<\/p>\n

Another downgrade of the U.S. banking industry to A+ from AA-, would force it to reassess its ratings on each of the more than 70 U.S. banks it covers, Wolfe told CNBC.<\/p>\n

Regional banks including Citizens Financial Group Inc <\/span><\/span> (NYSE:), KeyCorp (NYSE:), and M&T Bank Corp (NYSE:) led the selling in the sector, but major Wall Street banking including JPM and BAC were more than 2% lower on the day. \u00a0<\/p>\n

Discover Financial Services (NYSE:) also weighed on the sector after falling more than 9% as CEO Roger Hochschild resigned.<\/p>\n

Home Depot delivers earnings beat, but worries about demand stifle gains<\/h2>\n

Home Depot <\/span><\/span> Inc (NYSE:) reported better-than-expected , but the home improvement\u2019s downbeat remarks on waning demand for big-ticket, discretionary categories weighed on sentiment. The stock was marginally higher. \u00a0<\/p>\n

Weakness in the shares of Home Depot retail may prove a buying opportunity, Oppenheimer said in a Tuesday note, as home improvement sales are likely to continue to expand.<\/p>\n

Longer-term drivers of outsized sales expansion in home improvement retailing remain intact, Oppenheimer said, adding that it continues to \u201crecommend clients use any nearer-term price weakness in HD shares as an intermediate- to longer-term.\u201d<\/p>\n

Nvidia Shines as Wall Street continues to sing praises<\/h2>\n

NVIDIA Corporation (NASDAQ:) pared gains, but still ended the day above the flatzone after {{0UBS, Wells Fargo <\/span><\/span> (NYSE:), and Baird, lifted their price target on the chipmaker amid optimism about AI-driven demand.}}<\/p>\n

The chipmaker also attracted demand from the Middle East, with Saudi and the United Arab Emirates snapping up thousands of Nvidia\u2019s high-performance chips, the Financial Times reported Monday.<\/p>\n

PayPal slips after Elliot Investment Management ditches stock; ParaMount climbs on potential Hollywood strike breakthrough<\/h2>\n

PayPal Holdings Inc <\/span><\/span> (NASDAQ:) fell more than 4% after Elliott Investment Management sold its stake in the payments technology company in Q2, a US Securities and Exchange Commission filing showed.<\/p>\n

Paramount Global (NASDAQ:) climbed 3% on hopes that talks between Hollywood Studios and the Writer Guild of America are nearing a breakthrough that could end the months long strike by screenwriters.<\/p>\n

Hollywood studios made a new offer to the striking writers that included concessions on key issues such as the use of artificial intelligence and access to viewer data, Bloomberg reported Monday.<\/p>\n

Caterpillar leads industrials on weak China data<\/h2>\n

Caterpillar <\/span><\/span> Inc (NYSE:) fell more than 2% pushing industrials lower as weak growth in China, a key market for\u00a0the heavy equipment maker, stoked fears about demand.\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — The Dow ended lower Tuesday, as an ongoing stumble in China’s economy raised fears about global growth just as\u00a0Treasury yields after stronger-than-expected consumer spending dented hopes that the Federal Reserve won’t resume rate hikes later this year.\u00a0 The fell 1%, or\u00a0361 points, fell 1.1%, and the\u00a0 fell 1% lower. Retail sales<\/p>\n","protected":false},"author":1,"featured_media":12031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-12030","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nStock Market Today: Dow lower as Treasury yields rise after retail sales surprise | iSafeSpend<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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