Stock Market Today: Stocks End Record-Setting Week in the Red
While retail sales came in higher than expected, consumer sentiment data missed the mark.
- (opens in new tab)
- (opens in new tab)
- (opens in new tab)
- Newsletter sign up Newsletter

Stocks ended the week far from where they started it, with the major market indexes partaking in a broad selloff today.
The declines came amid a mixed batch of economic data. On one hand, the preliminary July estimate for the University of Michigan's (UofM) consumer sentiment survey fell well below economists' estimates to 80.8 from the final June reading of 85.5, with participants citing "an accelerating inflation rate" as a top concern.
On the other hand, data from the Census Bureau showed retail sales rose 0.4% month-over-month vs. estimates for a modest decline. "Increases were reasonably broad-based across categories, pointing to strong demand," says Barclays economist Pooja Sriram.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
After closing at record highs to start the week, the Dow Jones Industrial Average finished Friday down 0.9% at 34,687, while the S&P 500 Index shed 0.8% to 4,327 and the Nasdaq Composite gave back 0.8% to land at 14,427.
Other action in the stock market today:
- The small-cap Russell 2000 plunged 1.2% to 2,163.
- One name that didn't drop today: COVID-19 vaccine maker Moderna (MRNA (opens in new tab)). Its shares surged 10.3% on news it will replace Alexion Pharmaceuticals (ALXN (opens in new tab), -0.3%) on the S&P 500, effective ahead of the market open on Wednesday, July 21.
- Charles Schwab (SCHW (opens in new tab)) rounded out a big week of bank earnings. The financial firm reported revenues of $4.5 billion in its second quarter – beating the consensus estimate – but earnings of 70 cents per share fell short. SCHW ended the session down 2.4%.
- U.S. crude oil futures closed the day up 0.2% at $71.81 per barrel, but finished the week down 3.7% – their biggest weekly decline since late March.
- Gold futures fell for the first time in four days, settling down 0.8% at $1,815 an ounce. The malleable metal posted its fourth straight weekly gain, up 0.2% from last Friday's close.
- The CBOE Volatility Index (VIX) spiked 8.5% to 18.45.
- Bitcoin shed 2.4% to $31,930.92. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
- Second-quarter earnings season starts picking up speed next week, with Netflix (NFLX (opens in new tab)), Johnson & Johnson (JNJ (opens in new tab)) and American Express (AXP (opens in new tab)) among the notable names to watch. You can check out the full earnings calendar here.
Inflation Risks Remain High
That's an outlook held not only by the majority of consumers surveyed by UofM, but also by Sal Guatieri, senior economist at BMO Capital Markets.
One such source of risk is the labor market, as staffing shortages limit production. Another is the "giddy mood among consumers." This, says Guatieri, could encourage businesses to continue raising prices in the near term. "And consumer purchasing power will get a boost from the expanded child tax credit that started this month," he adds.
So what's an investor to do?
One potential way to guard a portfolio against inflation risk is with real estate investment trusts (REITs) or healthcare stocks, both of which tend to hold up well during periods of higher prices. Another is to consider consumer staples stocks. In addition to these being defensive, dividend-paying plays, the sector also has some tailwinds on the horizon – including those direct child tax credit payments and back-to-school shopping.
Read on as we look at some of the more attractive ideas among consumer staples stocks for the remainder of the year.
With over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
-
Delta-8 Restricted in Kentucky: This Week in Cannabis Investing
Kentucky lawmakers passed a bipartisan bill to regulate Delta-8 THC, a psychoactive cannabinoid.
By Morgan Paxhia • Published
-
Most Common Types of Car Insurance
The following are the most common types of car insurance, which can help you cover expenses in the case of an accident, including medical bills and repairs.
By Erin Bendig • Published
-
Stock Market Today: Stocks Close Higher in Volatile Session
The major indexes spent most of Thursday in rally mode, but selling pressure emerged in afternoon trading.
By Karee Venema • Published
-
If You'd Put $1,000 Into Amazon Stock 20 Years Ago, Here's What You'd Have Today
Amazon AMZN stock has lost almost $900 billion in value since its all-time high, but bulls say it's only a matter of time before it reclaims its heights.
By Dan Burrows • Published
-
Stock Market Today: Stocks Sink After Latest Fed Rate Hike
The major indexes sold off sharply Wednesday even amid signs the Fed's rate-hike campaign could be nearing an end.
By Karee Venema • Published
-
Stock Market Today: Markets Up Again as Bank, Energy Stocks Outperform
The major indexes closed higher for a second straight day ahead of tomorrow's highly anticipated Fed decision.
By Karee Venema • Published
-
Stock Market Today: Stocks Rise Ahead of Fed
Bank headlines dominated another choppy day of trading on Wall Street.
By Karee Venema • Published
-
Stock Market Today: Stocks Fall After First Republic Bank Suspends Dividend
The embattled lender's dividend cut was just the latest sign of instability in the banking industry.
By Karee Venema • Published
-
Stock Market Today: Stocks Rally on Credit Suisse, First Republic Bank Rescue News
Reports that major U.S. banks would step in to help First Republic Bank helped stocks swing higher Thursday.
By Karee Venema • Published
-
If You'd Put $1,000 Into Netflix Stock 20 Years Ago, Here's What You'd Have Today
Netflix Netflix stock is down almost 60% from its all-time closing high, but it's still a big-time market beater.
By Dan Burrows • Published