Will the US retail sales matter for the S+P 500 later today?

The major US economic release of the day comes later, at 12.30pm GMT. That is the May Retail Sales report and it is expected to show a slight pullback from the 0.5% rise seen in April. The consensus is that sales will have risen by 0.3% last month. It is arguable that no mater what the data holds, it will not detract from the record run in the Nasdaq and the S+P indexes. That is because lower sales will accentuate the market push for Fed rate cuts and that is positive for stocks. Even if sales are higher that is still positive for US stocks, right? So, perhaps under the current circumstances, it does not matter what the data holds? That is unless it pushes US yields sharply higher. The S+P 500 will be front and centre to what plays out and yesterday we saw the index drive to set fresh record highs. The S+P 500 reached 5,488.50 and later closed at 5,473.23- another record close. The index future is currently pricing the reopening around 5,476