According to the materials of the site - By crypto.news
Major stock indices traded higher amid strong financial results, while investors remain concerned about Trump's threats to the Fed.
U.S. stocks rose amid strong retail sales data. On Thursday, the Dow Jones industrial index rose by 180 points, or 0.4%, the S&P 500 index rose by 0.48%, and the tech Nasdaq rose by 0.79%.
Traders will also closely watch Netflix's earnings. The streaming giant is expected to report a high earnings of $7.07 per share, which is 45% higher than the same quarter last year.
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Traders welcomed the latest U.S. Department of Commerce retail sales data, which rose by 0.6% in June month-on-month. The figures rebounded after a sharp decline in May when sales fell by 0.9%. This indicates that President Donald Trump's tariff policy has not yet had a negative impact on consumer confidence.
"Consumers, overall, feel good," said JPMorgan Chase CFO Jeremy Barnum during a year-end conference call on Tuesday. "Looking at the stress indicators, it’s no surprise that stress is a bit higher in low-income groups than in high-income groups, but that’s always the case," he said, adding that the delinquency rate on loans is within expectations.
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Fears about inflation undermine consumer confidence
However, these data are not adjusted for inflation, which rose significantly in June. Notably, when accounting for rising prices, consumer spending increased by only 0.3%, which is significantly less than the 0.9% decline in prices in May. Therefore, traders will closely monitor the situation with the Fed, which is under criticism from the White House. "The independence of the Fed is very important, and we must fight to preserve it," said Goldman Sachs (GS) CEO David Solomon in an interview on Wednesday. He was supported by the leaders of JPMorgan Chase, Bank of America, and other banking giants.
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