Wall Street gains as retail earnings highlight consumer confidence
- U.S. stocks turned lower on Thursday as the first contraction in the manufacturing sector in nearly a decade and uncertainty about future interest rate cuts overshadowed an initial boost from upbeat retail earnings.
“Manufacturing has been pretty weak across the globe for a while now and we are starting to see that bleed into U.S.,” said Joe Mallen, chief investment officer at Helios Quantitative Research. “It’s not unexpected, but definitely not good for prospects of our economy going forward.” Their comments sent jitters through markets ahead of a highly anticipated speech by Fed Chairman Jerome Powell on Friday at an annual gathering of central bankers in Jackson Hole.
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