US stocks drift ahead of US economic data release

Reuters reports that US stocks are drifting on Thursday as investors are awaiting the country’s economic data release. According to the news agency, the Nasdaq index was down 0.02%, while the S&P 500 declined 0.13%. 

Earlier this week, news of the US-China tariff pause sparked a rise in global stock markets. However, the optimism fueled by easing trade tensions faded by Thursday, Reuters says. 

Unclear tariff policies of US President Donald Trump contribute to persistent uncertainty about the global economic outlook. Additionally, markets are anticipating details on US trade deals with other countries. 

Tony Sycamore, a market analyst at IG, does not expect foreign investors’ position in US equities to recover as confidence in American assets has been shaken.

Markets are now awaiting data on US retail sales and earnings from Walmart, the country’s top retailer, to gauge consumer sentiment. A disappointing result could add to concerns of a recession in the world's largest economy, Reuters says.