Stocks  fall from record highs after July 2021 weak retail data-US Retail Sales Disappoint

 

Advance Estimates of U.S. Retail and Food Services Advance estimates of U.S. retail and food services sales for July 2021, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $617.7 billion, a decrease of 1.1 percent (±0.5 percent) from the previous month, but 15.8 percent (±0.7 percent) above July 2020. Total sales for the May 2021 through July 2021 period were up 20.6 percent (±0.5 percent) from the same period a year ago.

The May 2021 to June 2021 percent change was revised from up 0.6 percent (±0.5 percent) to up 0.7 percent (±0.2 percent). Retail trade sales were down 1.5 percent (±0.5 percent) from June 2021, but up 13.3 percent (±0.7 percent) above last year. Clothing and clothing accessories stores were up 43.4 percent (±2.8 percent) from July 2020, while food services and drinking places were up 38.4 percent (±3.0 percent) from last year.

U.S. retail sales drop 1.1% in July on weak auto sales due to supply  shortages weighing on purchases of cars and trucks  and other goods, and the Delta variant of COVID-19  has kept consumer’s home. Motor vehicle & parts dealers (-3.9 percent vs -2.2 percent in June

Home Depot falls 3.2% after it missed Wall Street estimates for U.S. same-store sales for the first time in seven quarters. Last year the retailer surged sue to COVID-19 and people upgrading their homes with do-it-yourself home-improvement products  due to lockdowns. Now that the country is re-open, sales have decreased as people return to work and other activities outside the home.

Walmart’s shares fell 0.3% however the largest  retailer in the US  raised its annual U.S. same-store sales forecast. Adjusted EPS: $1.78 v. $1.57 estimate.

Revenue: $141 billion v. $136.88 billion.

Walmart U.S. comp-store sales (excluding gas): 5.2% v. 3.12% estimate.

Walmart U.S. e-commerce sales: 6%.

For the quarter, closely followed same-store sales came in at 5.2%, compared to forecasts of growth of 3.12%. On a two-year stack, the U.S. comp sales grew 14.5%. Reports Bloomberg News.

Lower on weak demand crude oil prices , oil stocks such as Exxon, Haliburton, Chevron, Marathon Oil, Occidental Petroleum, Schlumberger NV , Marathon Oil dipped 0.3% and 0.8% in premarket trading.

The Federal Reserve’s   policy tapering in the near future moves against an excellent earnings season.

With COVID-19 cases putting a slowness on  booking trends at Spirit Airlines,  the airline cut its revenue and margin forecast for the third quarter.


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