Friday's Markets Update (April 14, 2023)

15 Apr 2023 by rate3

On Friday, the fundamentals came out mixed, with the Census Bureau reporting that retail sales unexpectedly dipped by 1.0 percent in March, while the University of Michigan showed that consumer sentiment suddenly increased to 63.5 in April. This played into the hands of traders who exploit volatility, as it took NASDAQ from a high of 12,205 to a low of 12,026 (-1.5 percent) and then halfway back, closing at 12,123, while BTC corrected a bit from its 10-month high of 31K to 29,966, just to close the day session at 30,324.

On a retail sales side we saw the biggest declines (not adjusted for inflation) in sales of gasoline (-5.5 percent), mostly driven by lower prices; merchandise stores (-3%) as well as in electronics (-2.1%). On the other hand, sales rose 1.9% at nonstore retailers.