US Stock Market Overview – Stocks Slip on Strong Retail Sales

US stocks edged lower on Tuesday, as a rising dollar generated headwinds. Energy shares were the worst performers as crude oil prices tumbled 3.25%. Stronger than expected retail sales buoyed the dollar and yields putting downward pressure on stocks. Most sectors were lower, Industrials bucked the trend. The large financials continued to report earnings with JP Morgan and Wells Fargo both beating on the top and bottom line.

周二美国股市小幅走低，因美元上涨引发逆风。由于原油价格下跌3.25％，能源股表现最差。强于预期的零售销售推动美元和收益率对股市构成下行压力。大多数行业较低，工业股逆势而上。大型金融机构继续报告盈利，摩根大通和富国银行均跌破顶线和底线。

Retail Sales Surge in June

6月零售销售激增

US retail sales surged in June rising more than expected. The Commerce Department reported that US retail sales rose 0.4% last month driven by gains in motor vehicles. Data for May was revised slightly down to show retail sales increasing 0.4%, instead of increasing 0.5% as previously reported. Expectations had forecast retail sales edging up 0.1% in June. Compared to June last year, retail sales advanced 3.4%. Excluding automobiles, gasoline, building materials and food services, retail sales jumped 0.7% last month after an upwardly revised 0.6% increase in May. Core retail sales, previously reported to have increased 0.4% in May.

美国6月份零售额增长超过预期。美国商务部报告称，由于汽车价格上涨，上月美国零售额增长0.4％。 5月份的数据略有下调，显示零售额增长0.4％，而不是如先前报告的那样增加0.5％。预期6月零售销售小幅上涨0.1％。与去年6月相比，零售额增长3.4％。不包括汽车，汽油，建材和食品服务，上月零售销售增长0.7％，此前5月份上调0.6％。核心零售销售，之前据报道，5月份增长0.4％。

Banks Slip Despite Robust Earnings from JPM

尽管JPM的盈利强劲，但银行股下滑

J.P. Morgan Chase posted earnings that exceeded expectations, aided by an income tax benefit. The financial giant posted profit of $9.65 billion, 16% higher than a year earlier, or $2.82 a share, beating the $2.50 estimate. The companys revenue also edged out expectations at $29.57 billion, a 4% increase from a year earlier, compared to the $28.9 billion estimate. J.P. Morgan said that the tax boost lifted per share earnings by $0.23. Net Interest Margin was 2.51. Trading Revenue from the Fixed income division came in at $3.36 billion, Equities $1.84 billion.

J.P。在所得税收益的帮助下，摩根大通的盈利超出预期。该金融巨头公布的利润为96.5亿美元，比去年同期增长16％，或每股2.82美元，超过2.50美元的预期。与289亿美元的估计相比，该公司的收入也略微超出预期，达到295.7亿美元，同比增长4％。 J.P. Morgan表示，税收提升使每股收益提高0.23美元。净利息率为2.51。固定收益部门的交易收入为33.6亿美元，股票收益为18.4亿美元。

Wells Fargo Beats

Wells Fargo Beats

Wells Fargo reported quarterly earnings of $1.30 per share, beating forecasts of $1.16 per share. This compares to earnings of $1.08 per share a year ago. This quarterly report represents an earnings surprise of 12.07%. The company posted revenues of $21.58 billion for the quarter ended June 2019, surpassing expectations by 3.83%. This compares to year-ago revenues of $21.55 billion. The company has topped consensus revenue estimates three times over the last four quarters.

富国银行每季报告一次每股盈利1.30美元，超过预期的每股1.16美元。相比之下，一年前每股收益为1.08美元。本季度报告显示盈利意外为12.07％。该公司发布了收入截至2019年6月的季度为215.8亿美元，超出预期3.83％。相比之下，去年的收入为215.5亿美元。该公司在过去四个季度中已经三次达到市场预期的收入预测。

The Yield Curve is No Longer Inverted

收益率曲线不再反转

The 3-month to 10-year US curve is back to positive territory, after spending months inverted. Separately, the Atlanta Fed GDPNow is tracking Q2 growth at 1.4%, up from 1.3% previously. Elsewhere, NY Fed Nowcast has Q2 growth at 1.5%, steady from last week. Its Q3 reading rose to 1.75% SAAR from 1.74% previously.

3几个月到10年的美国曲线在经过几个月倒置之后回到正面。另外，亚特兰大联邦储备银行GDPNow正在追踪第二季度增长1.4％，高于先前的1.3％。其他方面，NY Fed Nowcast的第二季度增长率为1.5％，与上周持平。它的Q3读数从之前的1.74％升至1.75％SAAR。