Advance retail sales for July fell 0.1% month-over-month, compared to the forecast of an increase of 0.8%, while sales ex-autos dropped 0.6%, versus the expectation of an increase of 0.1%. Excluding autos, gasoline and building materials, the figure the government uses to calculate the consumer spending component of GDP, sales fell 0.2%.
The Import Price Index fell 0.7% in July, more than the expected decrease of 0.5%. June's 3.2% increase was revised lower to a 2.6% advance. Year-over-year, import prices are down 19.3%.
June business inventories fell 1.1%, more than the forecast of a fall of 0.9%, and May was revised lower to a decline of 1.2% from the previously reported 1.0% fall. Sales increased 0.9%, taking the inventory-to-sales ratio from 1.41 in May to 1.38 in June.
The Dow Jones Industrial Average gained 37 points (0.4%) to close at 9,398, the S&P 500 Index rose 7 points (0.7%) to finish at 1,013, while the Nasdaq Composite increased 11 points (0.5%) to 2,009. Crude oil gained $0.84 to $71.00 per barrel, and gold increased $7.40 to $954.50 per ounce.
Magnificent Seven Update
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