US Stocks-S&P 500 ends lower as investors weigh data, Middle East tensions
SPY•Market closes lower after weak economic data
July retail sales data came in weaker than expected, after an unrevised 0.2% gain in June, the Commerce Department's Census Bureau said.
According to preliminary data, the S&P 500 (.SPX) lost 13.41 points, or 0.17%, to end at 7,785.58 points, while the Nasdaq Composite (.IXIC) lost 73.86 points, or 0.28%, to 26,729.16. The Dow Jones Industrial Average (.DJI) fell 108.53 points, or 0.20%, to 53,732.53.
While inflation related to high oil prices remains a concern, recent economic data has investors mostly expecting the Federal Reserve to hold interest rates steady at its September meeting. Traders see a 67% chance the Fed will keep rates unchanged at the September meeting, with a 33% chance of a hike, according to CME's FedWatch.
The University of Michigan's preliminary consumer sentiment survey came in at 51 in August, below expectations of 54.5, according to economists polled by Reuters.
