Stock Market Today: Dow lower as Treasury yields rise after retail sales surprise
, well above expectations for 0.4%, marking the biggest increase since JanuaryThe data pointing to signs of consumer strength cooled bets the Fed may not have to resume rate hikes later this year, and further pushed out expectations for rate cuts.
Bets on a Fed November rate hike rose to 32.2% from 26.4% last week, according to the CME FedWatch Tool.“We expect retail sales to weaken through the end of the year is expected as availability of credit weighs on economic activity and the labor market,” Morgan Stanley said in a note.jumped to end the day at their highest level since October amid easing bets of less hawkish Fed action.
Another downgrade of the U.S. banking industry to A+ from AA-, would force it to reassess its ratings on each of the more than 70 U.S. banks it covers, Wolfe told CNBC.
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