US economy is growing as US retail sales data suggest
- 16 February 2023
- Posted by: Federica Montella
- Categories: eToro CopyTrader, Investing
A positive day for Wall Street
On Wednesday, the US stock market went up.
All three major indexes have registered profits.
The S&P 500 finished at +0.28%, the Nasdaq ended the trading session at +0.92% and the Dow Jones ended at +0.11%.
The investors’ sentiment remains bullish as indicated in the graph below:
Sentiment indicator – Fear & Greed Index
The market sentiment is at 74 in the “Greed” mode and is going towards the extreme greed mode.
Strong US retail sales data
The Commerce Department, yesterday, released the retail sales data for the month of January.
There has been a rise of 3% in retail spending last month, which was much more than the 1.8% forecasted by the economists.
That was the largest monthly gain since March 2021 as consumers spent more on vehicles and dining out.
US retail sales data is very important to understand the status of the economy and strong data, such as the one released yesterday, indicates economic growth.
The Federal Reserve is implementing a restrictive monetary policy to slow down the economy and reduce high inflation and based on the latest data there are high chances that there will be no rate cuts this year.
The next Fed meeting will be next month and investors believe that there will be another interest rate rise of 0.25%.
Today’s data to watch
The Labour Department will release the initial jobless claim, today at 13:30 GMT.
The data is forecasted to be at 200k.
Today the financial markets can be volatile due to this report.
Portfolio Update
I am currently neutral and cautious about the stock market.
I hold both long and short positions on stocks and I aim to profit regardless of the market direction.
If you are already copying my portfolio, please keep the copy open.
If you are thinking of copying me, now could be the right time, if you can invest for the long term (years).
Remember to copy the open trades to optimize the copy.
Remember to set the stop loss on the copy at the minimum level, so you don’t get stopped if there is a correction.
Thank you, everyone. Have a nice day!
Steps to follow to copy my portfolio automatically:
1. Create an eToro account here: https://federicamontella.com/go/etoro/
2. Verify your account and make a deposit of at least 200 USD (you can deposit in any currency, like GBP and EUR)
3. Go to my profile page: https://federicamontella.com/go/etoro-passionforprofit/
4. Start the copy (copy open trades and set the lowest stop loss possible, to allow some movement)
5. Enjoy, it’s all automatic. You will make passive income 24/7
Let me know if you have any questions.
Federica Montella
eToro Popular Investor
Follow me on social media
