Dow hits longest winning streak since 2017
As of the market close on July 21, 2023, the Dow Jones Industrial Average has been on a winning streak for 10 consecutive days. This is the longest winning streak for the Dow since August 2017. The streak has been driven by several factors, including strong corporate earnings and positive economic data.
Retail sales continue to inch up
Retail sales inched up 0.2% in June and rose 1.5% since June 2022. Retail trade sales also increased 0.2% last month and were up 0.5% from a year ago. Retailers that enjoyed solid June sales included furniture and home furnishing stores; electronics and appliance stores; clothing and clothing accessories stores; miscellaneous store retailers; and non-store retailers. Sales at general merchandise stores and department stores, along with gasoline station sales, slipped the most in June.
Disappointing Report on China’s Gross Domestic Product
China’s GDP growth slowed to 0.8% in the second quarter of 2023, from 2.2% in the first quarter. This was the slowest pace of growth since the first quarter of 2020, when the COVID-19 pandemic hit China. The slowdown in growth was driven by several factors, including the ongoing COVID-19 pandemic, the war in Ukraine and the property market slowdown. Despite the slowdown in growth, there are some positive signs for the Chinese economy. The unemployment rate remains low, and consumer spending is holding up. Additionally, the government has taken several measures to boost growth, such as cutting taxes and increasing infrastructure spending.