Earnings season was the talk of Wall Street this week as the latest group of earnings reports entered its next phase. This week was all about retail earnings. Consumers have been pinched by high inflation over the last few months and analysts finally got a chance to see how those higher prices have affected retailers. Additionally, insight into the upcoming holiday spending season and supply chain issues were also on investors’ minds. Overall, a mixed retail picture provided a mixed trading week.
Economic data also continued to show mixed results. Manufacturing numbers clocked in higher, while unemployment was stagnant. Traders were also treated to a number of speeches by Federal Reserve governors on the day.
Elsewhere, President Biden & Democrat lawmakers continued with their social spending plans and unveiled a new series of proposals on the heels of the recently approved infrastructure plan. Traders looked towards the new proposals and their potential to keep the economy going.
All in all, the week was a mild one with stocks spending much of the time treading water into Friday’s session.
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