Advance retail sales unexpectedly fell 1.1% in March, below a forecasted gain of 0.3%, while February's number was upwardly revised from -0.1% to 0.3%. Ex-autos, sales fell 0.9%, versus a projected reading of 0.0%.
Business inventories fell 1.3% in February, slightly more than the forecast of a 1.2% decline, while January was revised lower from -1.1% to -1.3%. Sales rose 0.2%, helping decrease the inventory-to-sales ratio from an upwardly revised 1.45 in January to 1.43.
The Producer Price Index dropped 1.2% in March, much lower than an expected reading of 0.0%. The core rate, which removes food and energy, was flat, shy of the 0.1% estimate. Energy prices fell 5.5%, with gasoline falling 13.1%, and food was 0.7% less expensive. Year-over-year, the headline rate is down 3.5%, and the core rate edged down from 4.0% year-over-year to 3.8%.
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The Dow Jones Industrial Average lost 138 points (1.7%) to close at 7,920, the S&P 500 Index fell 17 points (2.0%) to 842, and the Nasdaq Composite declined 28 points (1.7%) to 1,626. Crude oil lost $0.64 to $49.41 per barrel, and gold fell $4.67 to $889.18 per ounce.
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