The upward momentum for the markets comes even though the
Excluding a modest drop in auto sales, retail sales inched up by 0.1% in July compared to a 0.4% increase in the previous month. Ex-auto sales had been expected to climb by another 0.4%.
The positive reaction to the weaker than expected sales data may partly reflect easing concerns about the outlook for interest rates.
In related news, department store operator Macy's (M) released its second quarter results this morning, reporting earnings that increased year-over-year but came in below analyst estimates.
Macy's Chairman and CEO
Meanwhile, Deere (DE) is also likely to be in focus after the agricultural machinery maker reported better than expected third quarter earnings but trimmed its full-year earnings forecast.
Traders also continue to keep a close eye on any developments overseas amid ongoing conflicts in
While selling pressure remained relatively subdued, stocks moved modestly lower over the course of the trading day on Tuesday. The losses on the day partly offset the strength that was seen on Monday.
The major averages ended the day in negative territory but well off their lows for the session. The Dow edged down 9.44 points or 0.1% to 16,560.54, the Nasdaq fell 12.08 points or 0.3% to 4,389.25 and the S&P 500 slipped 3.17 points or 0.2% to 1,933.75.
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