Stocks finished lower on the day after the June retail sales data came in weaker-than-expected. Consumers have yet to be willing to open up their wallets in the face of the global economic uncertainty. Sales were expected to be 0.2% increase and instead came in falling 0.5% from the previous month. With cheaper gas prices investors had hoped that would allow for more consumer disposable income to spend, but rather consumers decided to keep a tight grip on their cash.
The DOW (INDU) fell 50 points at 0.4%. The S&P 500 (SPX) dropped 3 points at 0.2%. And the Nasdaq (COMP) was down 12 points at 0.5%.
Citigroup (C ) kicked off this week’s of earnings and beat expectations, despite a decline in revenue by 10% from a year earlier.
Shares of major credit card companies Visa (V) and MasterCard (MA) rallied today after both companies had settled a huge antitrust case with fellow merchants.
Facebook (FB) fell big today on no news and light volume. Shares where down 8.06% and closed at $28.245.
Technology companies globally continued to slide on European Concerns and Chinese growth. Some major earnings will be released coming up that will tell investors more about the health of the sector.
Oil gained $1.33 to settle at $88.43 a barrel.
Gold fell 40 cents to close at $1,591.60 an ounce.
The 10-Year Note hit a new intraday low yield of 1.44%.