All four are up as you can see here. All right, welcome back to Morning Trade Live. It's time now for the big picture. Let's welcome in the team from Charles Schwab now.Joe Maza, head of trading derivatives strategist Charles Schwab and Mike Townsen who is a managing director legislative regulatory affairs at Charles Schwab. Good morning to both of you. Thank you so much for your time.Let's kick things off with you, John. Just wondering, >> hot retail sales, does that change the narrative or does that just ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Retail Sector - **Key Insights**: The retail sales data indicates a mixed performance, with a notable increase in goods spending but a decline in services spending, particularly in the restaurant sector [6][7][8]. Core Points and Arguments 1. **Consumer Spending Trends**: - Retail sales increased by 0.5% month-over-month (MoM) in July, with June's figure revised up from 0.6% to 0.9% [6]. - Auto sales rebounded by 1.6% MoM, indicating recovery from a previous dip [6]. - The control group, which excludes volatile items, also saw a 0.5% MoM increase, surpassing the consensus estimate of 0.4% [6]. 2. **Sector Performance**: - Non-store retailers (primarily online sales) showed significant strength, with sales advancing between 0.74% and 0.90% over the last three months [6]. - Conversely, restaurant spending, the only tracked services category, fell by 0.4% after a previous increase of 0.6% [6]. 3. **Outlook on Consumer Spending**: - Despite the nominal increase in goods spending, a slower growth in overall consumer spending is anticipated for the remainder of the year [7]. - Three main reasons for this expectation: - The decline in services spending, which constitutes a larger share of consumer expenditure [8]. - The volatility in goods spending due to tariff front-loading, leading to earlier stronger spending, a spring dip, and a recent recovery [8]. - Downward revisions in job growth have resulted in weaker labor income growth, which, combined with a low savings rate, suggests that consumer spending will need to decelerate [8]. Additional Important Insights - **Economic Implications**: The slowdown in consumer spending is expected to contribute to below-potential real GDP growth for the year [7]. - **Market Volatility**: The strength in online sales is noted to be particularly volatile and challenging to seasonally adjust, indicating potential risks in interpreting these trends [8]. This summary encapsulates the key findings and insights from the conference call, focusing on the retail sector's performance and the implications for consumer spending and economic growth.

Amazon Prime Day Expected To Drive $23.8 Billion In U.S. Online Sales https://t.co/RKLo9tggT3 https://t.co/RKLo9tggT3 ...