Market Recap for Tuesday, August 15, 2017
July retail sales doubled expectations (+0.6% actual vs +0.3% consensus estimate) and we saw the kind of reaction in the bond market that we'd expect with treasury prices tumbling and treasury yields spiking. But what happened to retail stocks? They fell out of bed with the S&P Retail ETF (XRT) dropping 2.7% and closing at its lowest level since the beginning of 2016. Can you imagine the bloodbath if retail sales had missed estimates?