As of 11:39 AM ET, the S&P 500 (SNPINDEX:^GSPC) has fallen 0.21% to 7,782.65, and the Nasdaq Composite (NASDAQINDEX:^IXIC) is down 0.50% to 26,664.30 as investors balance recent record highs against soft retail data. The Dow Jones Industrial Average (DJINDICES:^DJI) has slipped 0.19% to 53,735.56. Gold is up 1.26% to $4,351.26 and the 10-Year Treasury yield is trading up 0.05% to 4.69%.
Energy, real estate, and basic materials lead the sector gainers, as technology and healthcare stocks fall. Reddit jumped 14% this morning after news that the social media platform will join the S&P 500. Valneva surged 22% following yesterday's earnings and news that European regulators validated its Lyme disease vaccine application.
Semiconductor shares like Micron Technology are gaining on AI optimism. T-Mobile US slipped on a brokerage downgrade that cited revenue risks. Two consumer releases weighed on stocks this morning: July retail sales fell for the first time in nine months, and August consumer sentiment dipped to 51, from 55.2 in July.
The University of Michigan's consumer sentiment index showed consumers are concerned about inflation and business conditions, and slowing sales suggest that continued elevated oil prices are weighing on people's wallets. On the one hand, a decline in confidence, combined with this week's slower inflation data, makes a Federal Reserve rate cut less likely, and can boost risk appetite. However, stock markets wavered today because that decline also raised concerns about economic weakness and the sustainability of recent index highs.
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