Two cooling inflation readings carried the broad market to a record on Thursday, taking the S&P 500 through 7,800 for the first time, and Friday morning supplied the explanation for where the cooling came from. July retail sales contracted 0.6% against a consensus for a 0.1% gain, and preliminary August consumer sentiment landed at 51 against a 54.5 consensus. The Dow Jones Industrial Average opened at its session high near 53,900 and has not traded back to it since.
The disinflation came with an invoice
The retail sales miss was broad rather than a single soft line. Headline sales fell 0.6% where the consensus looked for a 0.1% gain, sales…
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