U.S. stocks appear set to open lower today as investors pull-back after a two month winning streak. The Dow and S&P have both gained for eight of the last nine weeks, while the NASDAQ advanced nine straight. With the stress test results and much of first quarter earnings reports behind us, investor attention will likely turn back to the economic data.
There are no major economic releases today, but highlights for the week will be April retail sales, inflation data, and the Industrial Production report. The April retail sales report on Wednesday will likely gain the most attention given the consumers importance to recovery and the broad-based weakness seen in March retail sales. The numbers this month are expected to be better, but still may not show much growth. Weakness in the data could raise concern about consumer’s spending capacity in light of a weak labor market.
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