8/22/ Market Snapshot: S&P, NASDAQ decline despite strong July Retail Sales

All three major equity indices were down by more than 2.00% this week, with the S&P and Nasdaq declining for the third consecutive week. This came despite an upside surprise to
U.S. July Retail Sales which reported increases in 9 out of 13 categories. Some of the market strain came on concerns that China’s slowing economic growth could put pressure on the global economy. Following disappointing economic releases this week, China’s central bank cut rates for the second time in three months.