Stock Market Update
08-Jul-24 15:35 ET
Key takeaway from economic data
Dow -36.29
at 39339.58,
Nasdaq +16.85
at 18369.61,
S&P -0.74
at 5566.45
[BRIEFING.COM] The major indices moved mostly sideways in recent action.
Consumer credit increased by $11.3 bln in May (Briefing.com consensus $9.5 bln) after increasing an upwardly revised $6.5 bln (from $6.4 bln) in April. Revolving credit increased by $7.0 bln to $1.345 trln. while Nonrevolving credit increased by $4.4 bln to $3.720 trln.
The key takeaway from the report is that revolving credit growth accelerated strongly (+6.3% after a slight contraction in May, so the question is whether consumers are turning to revolving credit because of need or increased optimism about economic prospects.
Tuesday's economic lineup is limited to the June NFIB Small Business Optimism survey at 6:00 ET.
