Daily Note | August 15, 2024 | Strong Econ Data, PIMCO Cheapens, Bond Sales

Markets are set to rise sharply as strong retail sales, a drop in initial claims, and Walmart earnings allay recession fears in the markets. The S&P is slated to open up over +1% and is now less than 4% from its record high.

Retail sales increased 1% in July, well above the consensus estimate of +0.3%. Context matters. Over the last year, retail sales ar…