Stock market update for May 15, 2020

Stock market news

At 11:18 AM, Friday, May 15, 2020, the US stock market is moving lower. Dow is down more than 190 points. The latest update for major stock indices is:

S&P 500: 2,828.59,-23.91(-0.84%)
Dow 30: 23,429.12,-196.22(-0.83%)
Nasdaq: 8,866.31,-77.41(-0.87%)
Russell 2000: 1,240.65,+3.10(+0.25%)

Source: Yahoo Finance

Economic news

“U.S. retail sales dropped by a record 16.4% in April amid the coronavirus pandemic, the Commerce Department said in its Friday report, or worse than the 12.0% decline expected. The drop in retail sales reverberated across all major store categories with the exception of non-store retailers, or e-commerce platforms, which posted an 8.4% increase in April sales.”

Source: https://finance.yahoo.com/news/stock-market-news-live-may-15-2020-221239498.html

U.S. Retail Sales

U.S. Retail Sales
U.S. Retail Sales

“Retail sales in the US sank 16.4 percent from a month earlier in April of 2020, worse than forecasts of a 12 percent drop. It is the sharpest decrease in retail sales ever due to the coronavirus pandemic which forced Americans to stay at home and many businesses to close. Biggest declines were seen in sales of clothing and accessories (-78.8 percent), electronics and appliances (-60.6 percent) and furniture (-58.7 percent). Sales at gasoline stations decreased 28.8 percent after oil prices turned negative for the first time ever in April. Other decreases were also seen in food and beverage stores (-13.1 percent) and food services and drinking places (-29.5 percent). Excluding automobiles, gasoline, building materials and food services, retail sales tumbled 15.3 percent. Year-on-year, retail sales went down 21.6 percent, also a record drop.”

Source: https://tradingeconomics.com/united-states/retail-sales

The retail sales and their trend is very important to monitor as an economic indicator both for the US seconomy and the stock market. Consumer spending accounts for about 70% of gross domestic product, and is affected by seasonality.

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