BY: MARSHALL BARTLETT
Senior Vice President / Portfolio Manager
(615) 591-0611 mbartlett@argenttrust.com
This morning, Target announced same store sales rose 6.5%, the strongest increase in over a decade. The results highlight strength in consumer spending, seen in second quarter results of other retailers as well, which could help propel economic growth in the months ahead. Meanwhile, the minutes from the latest FOMC meeting are set to be released today and chair Jerome Powell is planning to speak at the end of this week. Each will be reviewed closely for any suggested change in the pace of interest rate increases, given inflation levels and expected strong growth. Given all of the news headlines this morning regarding the results from the Cohen and Manafort legal trials, it is important to remember that corporate earnings and interest rate policy remain key factors for the direction of markets. In all, equity futures are lower this morning heading into the market open.
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