LIVE MARKETS-US stocks modestly red after data, more bank earnings; Bessent on deck

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U.S. STOCKS MODESTLY RED AFTER DATA, MORE BANK EARNINGS; BESSENT ON DECK

The main U.S. stock indexes are dipping early on Thursday as investors assess softer-than-expected retail sales data and a set of strong bank earnings.

December retail month-over month came in at 0.4% vs a 0.6% estimate.

However, in a note, Carl Weinberg, chief economist at High Frequency Economics, said, "no one can make a case that the Fed has any urgent need to cut interest rates from this retail sales report."

Weinberg added "Some of the headlines may have disappointed, but the strength of the control figure tells us GDP is on track to print a 2-1/2%-to-3% annualized rate of growth for Q4. No push from monetary stimulus is needed with the economy already at full employment."

S&P 500 .SPX sectors are mixed with utilities .SPLRCU posting the biggest rise. Consumer discretionary .SPLRCD is the weakest group.

That said, action is relatively subdued with no one sector posting an absolute change of more than around 0.8%.

After more bank earnings, including reports from Bank of America BAC.N and Morgan Stanley MS.N, the S&P 500 banks index .SPXBK is now just slightly green on the day. The index is down around 0.6% from its record closing high.

On Capitol Hill, Senate confirmation hearings are underway for Trump's Cabinet picks and Treasury secretary nominee Scott Bessent will face questions on his plans to implement the president-elect's proposals on tariffs, tax-cuts and deregulation at 10:30 a.m. ET.

Here is a snapshot of where markets stood around 10:07 a.m. ET:

(Terence Gabriel)

FOR THURSDAY'S EARLIER LIVE MARKETS POSTS:

RETAIL TRADERS FLOCK TO TRUMP MEDIA SHARES AHEAD OF INAUGURATION DAY - CLICK HERE

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RICHEMONT RESULTS: WHAT IT MEANS FOR THE LUXURY SECTOR - CLICK HERE

UK BANKS: FUNDAMENTALS TOO GOOD TO IGNORE - CLICK HERE

LUXURY LIFTS EUROPEAN EQUITIES AFTER RICHEMONT RESULTS - CLICK HERE

EUROPE BEFORE THE BELL: FUTURES SIGNAL FURTHER GAINS - CLICK HERE

BRIEF RELIEF FOR MARKETS AFTER TAME US INFLATION - CLICK HERE