Retail sales experienced a modest rise in September, with an increase of 0.2% reported by the Commerce Department. Excluding the automotive sector, retail sales saw a slightly higher growth of 0.3%. Despite consumer pessimism, the report remains in positive territory, reflecting a steady economic environment.
"Not a great report, but one still in positive territory despite how pessimistic consumers are about the future," said Robert Frick, corporate economist at Navy Federal Credit Union.
In the financial markets, the S&P 500 saw a boost of 0.64% for the day, while the Nasdaq Composite increased by 0.31%. The Dow Jones Industrial Average also experienced a significant rise, climbing 353.44 points.
Meanwhile, NASA's plans faced unexpected challenges as astronauts Butch Wilmore and Suni Williams prepare to return to Earth. Initially set for a nine-day mission, their trip extended to nearly nine months due to issues with the Boeing Starliner ship. NASA has decided to return the Boeing capsule empty, opting instead for Wilmore and Williams to return aboard a SpaceX Dragon capsule.
In the retail sector, Forever 21 has filed for bankruptcy for the second time in six years, attributing its downfall to competition from fast-fashion retailers Shein and Temu. The company is expected to close all of its stores, marking a significant shift in the retail landscape.