U.S. Retail Sales Preview U.S. Retail Sales Preview: May retail sales will be out on Thursday and analysts expect the headline to increase by 0.4% (median 0.4%) with the ex-autos aggregate growing by 0.3% (median 0.3%) following a 0.1% increase for the headline in April. Chain store sales for May should be supportive of retail sales as should the increase in auto sales which analysts discuss in our Monday commentary.
Averages lower, but off worst levels Each of the major equity indices is lower, but off their worst levels of the session. After opening higher, the averages quickly began losing ground, moving to their worst levels of session after midday. The averages have recouped some of these losses in the last hour of trading. Declining stocks are ahead of advancing stocks by about 3:1, while down volume is ahead of up volume by about 2:1. Crude oil prices are higher by about 0.8% and gold is higher by about 1%. The Dow is down 49 points, the S&P is down 5 points, and the Nasdaq is down 16 points.
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