Another solid session for the market that was once again led by growth sectors.

Old names resurrected, new names debuted, and highfliers regained their wings.

Factors

Small caps also exhibited life, but large caps continue to dominate.

Here comes more Data

Yesterday’s Empire State Manufacturing was mixed, but prices did come down.

Retail Sales

Bank of America expects Retail Sales to be well above consensus this morning.  I’m not sure what this would say about the health of “the consumer.” The report doesn’t factor in inflation and can’t know who's doing all the buying – only if that buying is happening or not happening.

Today’s Session

Retail sales are better than consensus, much better.

• Headline +0.6% consensus +0.3%
• Ex-Autos +0.7% consensus +0.4%
• Ex-Autos & Gas +0.6% consensus +0.5%
• Control Group +0.7% consensus +0.3%

The retail sales report will not change the Fed’s rate cut tomorrow. There is no such thing as “the consumer,” but there is no doubt even stressed households are committed to spending.