September Retail Sales Smash Estimates at +0.8%, August Revised Up to +1.3%
IXIC sits 29% above its 52-week low of $20,690.249.
Summary
September retail sales rose 0.8%, more than double the 0.3% consensus, and August was revised up to 1.3% from the prior print. Excluding autos, September sales rose 0.9% versus 1.4% in August; year over year, September sales were up 6.3% versus 5.6% in August. Excluding autos and gas, September sales rose 0.2% versus 1.1% in August, and excluding gasoline alone they rose 0.2% versus 1.0% in August. That is a strong consumer signal and it lands after the Fed hiked a quarter point on September 16 and signaled one more move, while the September jobs report on October 2 came in far below expectations at +29K versus +85K consensus. The tension matters: a resilient consumer keeps the Fed's tightening bias alive even as hiring stalls, which is the worst mix for rate-sensitive growth stocks. The Nasdaq is trading near its 52-week high, so a hot demand print can push yields up and pressure multiples.
At the time of this announcement, IXIC was trading at $26,692.87 on NASDAQ in the Trade & Services sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Mace News.