U.S. stocks fell on Tuesday after a dour forecast from Home Depot and April retail sales data pointed to consumers feeling the pinch from rising prices and interest rates, ahead of crucial debt limit talks.
retail sales rose 0.4% in April, at half the pace against an expected increase of 0.8%. But the underlying trend was solid, despite growing risks of a recession this year.
"The retail sales data has been positive in several months, but it's still weak," said Jamie Cox, managing partner at Harris Financial Group. "It basically reinforces what we saw from Home Depot this morning. You are probably seeing the end of the decline in retail sales, but it's not going to be a smooth ride from here."
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