(Bloomberg) — Wall Street traders fearing a bigger pullback in consumer spending got some relief from a mixed retail sales report, with stocks rebounding from session lows and short-term bonds falling.
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S&P 500 futures fluctuated. The yield on 10-year Treasuries was little changed at 4.31%. The dollar lost 0.2%.
The value of retail purchases, not adjusted for inflation, increased 0.2% In February. January data was marked down to a 1.2% decline, the biggest drop since July 2021. However, the so-called control-group sales — which feed into the government’s calculation of goods spending for gross domestic product — increased 1% last month, reversing the previous drop.
“This morning’s February retail sales report offers evidence of a limited, modest economic slowdown, rather than signaling a gathering recession,” said Jennifer Timmerman at Wells Fargo Investment Institute.
A sense of wait-and-see may emerge from policymakers this week, in their first assessment of how President Donald Trump’s trade policies are impacting the economy. With Federal Reserve officials expected to hold rates steady on Wednesday, the market will focus on officials’ updated economic projections and Chair Jerome Powell’s press conference for clues on the path ahead.
Key events this week:
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Germany ZEW survey expectations, Tuesday
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US housing starts, import price index, industrial production, Tuesday
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Bank of Japan rate decision, Wednesday
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Eurozone CPI, Wednesday
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Federal Reserve rate decision, Wednesday
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China loan prime rates, Thursday
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Bank of England rate decision, Thursday
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US Philadelphia Fed factory index, jobless claims, existing home sales, Thursday
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Eurozone consumer confidence, Friday
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Fed’s John Williams speaks, Friday
Some of the main moves in markets:
Stocks
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S&P 500 futures were little changed as of 9:13 a.m. New York time
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Nasdaq 100 futures rose 0.2%
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Futures on the Dow Jones Industrial Average fell 0.1%
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The Stoxx Europe 600 rose 0.6%
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The MSCI World Index rose 0.2%
Currencies
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The Bloomberg Dollar Spot Index fell 0.2%
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The euro rose 0.2% to $1.0901
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The British pound rose 0.3% to $1.2975
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The Japanese yen fell 0.1% to 148.86 per dollar
Cryptocurrencies
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Bitcoin was little changed at $83,218.35
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Ether rose 0.6% to $1,905.28
Bonds
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The yield on 10-year Treasuries was little changed at 4.31%
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Germany’s 10-year yield declined six basis points to 2.82%
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Britain’s 10-year yield was little changed at 4.66%
