By Markus Heitkoetter
￼Stocks took another small step backward today after the major indices finished the session in negative territory.
Heading into the open, stocks were trading around yesterday’s close. A quick rally brought stocks to highs of the day, but the rally was short-lived. We had another attempted rally in the early afternoon, but stocks retreated and ended the session at lows of the day.
We finally had a decent economic calendar, but today’s reports did nothing to help the markets.
Retail Sales rose just 0.1% versus an expected 0.2% increase, and the PPI came in worse than expected. The Producer Price Index showed the biggest decline in 8 months.
In the end, the S&P finished with a 0.5% loss. Down 9.5 points, the S&P wrapped up the day at 1994.24. Today’s close was the first close below 2,000 in a week.
The DOW ended with a 0.9% loss. Losing 157 points, the DOW finished at 16924.75.
The NASDAQ lost 0.3%. With a 14 point decline, the NASDAQ closed at 4782.84.
Walmart (WMT) was a big mover after lowering the company’s earnings outlook for the year. Walmart dropped 10% on the news and ended the day at $60.03 a share.
It was a rough day to be a Walmart heir…the move lower erased $11 billion of the Walton family’s net worth. According to Bloomberg, the family has lost $41 billion since January 1st.
Looking ahead to tomorrow, we have CPI and Weekly Unemployment Claims at 8:30am ET, followed by the Philly Fed Manufacturing Index at 10:00am ET. We also have Crude Oil Inventories at 11:00am ET (out a day later, and at 11:00am instead of 10:30am ET due to the bank holiday on Monday). We’ll also get a little “Fedspeak”, with FOMC Member Dudley speaking at 10:30am ET.