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Midday Market Update

Stocks Lower After Hitting Record Highs Thursday


U.S. Market    
Stocks were lower today after hitting record highs on Thursday.

Retail sales were unchanged in July from June levels.  Excluding autos and gas, sales were down 0.1% from the previous month. The pause comes after a strong gain in June and overall sales were up 2.3% year-over-year.

Consumer sentiment rose in August according to the University of Michigan survey. The reading of 90.4 was up from July’s 90.0 level, but was below expectations. 

At midday the Dow was off 0.3% while the S&P 500 and Nasdaq were each 0.1% lower.

Stocks on the Move
Although second-quarter comparable sales improved across the department store sector,  Nordstrom (JWN)  comparable sales outperformed, decreasing only 1%, including a 250-basis-point headwind from the anniversary sale (it started one week later, so some sales shifted into the third quarter). Shares jumped over 7.5% on the report.

Foreign Markets
European shares were mixed. The FTSE 100 ended slightly higher, the Paris CAC fell 0.1% while Germany’s DAX was down 0.3%.

Asian markets rallied today. The Shanghai CompositeNikkei 225 and Hang Seng were up 1.6%, 1.1% and 0.8% respectively.

Jeremy Glaser does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.