in coming weeks for a read on how the U.S. economy is faring amid persistently high inflation and the Federal Reserve’s most aggressive rate hiking cycle since the 1980s.
Corporate results and outlooks are taking on added importance this earnings season, as investors gauge whether monetary tightening and last month’s banking sector mess are denting overall growth. Part of that expected growth comes from a job market that has remained robust, helping buoy consumer spending, said Jamie Cox, managing partner for Harris Financial Group.
At the same time, the Consumer Discretionary Select SPDR ETF has posted positive inflows in five of the last six weeks as investors sent a net $229.1 million to the fund, its largest six-week net inflow since August, according to Lipper data. Data on Friday showed U.S. retail sales fell more than expected in March as consumers cut back on purchases of motor vehicles and other big-ticket items, suggesting the economy was losing steam at the end of the first quarter. Meanwhile, U.S. consumer sentiment inched up in April, but households expected inflation to rise over the next 12 months.
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