By Jamie McGeever ORLANDO, Florida, Feb 2 (Reuters) - Wall Street shrugged off last week's historic selloff in precious metals, which continued on Monday, and the dollar rose again as investors took their cue from strong U.S. and global manufacturing data, earnings, and an ​apparent detente between the U.S. and Iran. More on that below. In my column today I look at how the naming of Kevin ‌Warsh as U.S. President Donald Trump's pick to be new Fed Chair sparked Friday's historic collapse in precious met ...

Market Trends - Weak US manufacturing data suggests Bitcoin's ($BTC) cycle might extend beyond typical expectations [1]

Economic Data Overview - U.S. Retail Sales for July increased by 0.5%, down from a revised 0.9% in June, which was the second-highest level of the year [2] - Excluding auto sales, Retail Sales were also in line with estimates at +0.3%, a decrease from the upwardly revised +0.8% in June [2][3] - Core Retail Sales (Control print) for July was +0.5%, down from the revised +0.8% in June, indicating a slowdown in consumer spending [3] Import and Export Prices - July Import Prices rose by 0.4%, significantly above the consensus estimate of 0.0%, marking the highest level since April 2024 [4] - Year-over-year, Import Prices have remained at -0.2% for three consecutive months [4] - Exports for July increased by only 0.1%, down from +0.5% in June, with year-over-year growth decreasing from +2.6% to +2.2% [5] Trade Dynamics - The increase in Import Prices suggests that U.S. trading partners are not absorbing tariff costs, as higher prices indicate a lack of downward trend [6] - The current trade situation reflects a challenge, with rising Import Prices and declining Export values [5][6] Manufacturing Sector Insights - The Empire State Index for August reported a higher-than-expected figure of 11.9, marking the second-highest month since November of the previous year [7] - This is the second consecutive positive reading after four months of negative results, indicating a potential recovery in the manufacturing sector [7] Market Outlook - The S&P 500 is on track to maintain its winning streak, achieving record closing highs throughout the week [8] - Upcoming economic data releases and the Jackson Hole Economic Symposium are anticipated to influence market sentiment, particularly regarding potential Fed rate cuts [8][9]