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By Liz Moyer
Investing.com — U.S. stocks were falling after retail sales rose the most in one month since early last year.
At 9:53 ET (14:54 GMT), the fell 217 points or 0.6% while the fell 0.6% and the fell 0.5%.
The stronger-than-expected data demonstrate the resilience of the economy. The Commerce Department said retail sales for January rose 3% from the prior month, boosted by consumers buying cars and other items. Economists had expected a rise of 1.8%. The number is the highest since the 4.9% revised jump for January 2022.
The Federal Reserve is watching data like retail sales and the as it sets its interest rate policy.
Many expect
the Fed will raise rates another quarter of a percentage point when it meets next month, and the same in May, ultimately pushing the benchmark rate above 5% by mid-summer.
Investors have hoped that the Fed could pause its at some point, but a still-resilient consumer in the face of rising rates could offer more room for the Fed to continue.
Consumer prices rose slightly more than expected , but the annual pace is continuing to slow.
Growth stocks have rebounded this year in the hope of an eventual end to the interest rate hikes. The S&P 500 is up 7.7% this year, and 70% of the more than half of the S&P 500 firms that have reported quarterly results so far have beaten expectations, according to Reuters.
Taiwan Semiconductor Manufacturing (NYSE:) shares were down 5% after Warren Buffett’s Berkshire Hathaway (NYSE:) cut its stake in the chipmaker. Airbnb Inc (NASDAQ:) shares rose 12% after robust that beat expectations.
Oil was falling. were down 1.1% to $78.16 a barrel, while were down 1.1% to $84.64 a barrel. were down 1% to $1845.
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