Stocks dip as retail sales disappoint

Stock markets on Monday opened slightly down following a report that showed retail sales grew about half as much as economists expected.

The Dow Jones Industrial Average was down 81 points, or 0.3 percent, and the S&P 500 dropped 8 points, or 0.2 percent.

Retail sales for July increased 1.2 percent, below the 2.3 percent level economists had expected.

The Friday dip has left the S&P 500 just below its pre-pandemic peak level, where it has hovered for most of the week.

Stocks have proved remarkably resilient in the face of an ongoing economic crisis, fueled by massive support and near-zero interest rates from the Federal Reserve and economic stimulus from the government.