Retail sales surge on gas price spike despite record low consumer sentiment amid Iran conflict

Retail sales in March rose 1.7%, driven largely by a 15.5% spike in gas purchases due to the Iran conflict, masking more modest underlying growth of 0.8%. Meanwhile, consumer sentiment hit a record low of 49.8 in April, reflecting inflation worries and geopolitical tensions. Despite these mixed signals, the S&P 500 continued its rally, reaching a new high as markets anticipate the Federal Reserve's upcoming decision to hold interest rates steady. Investors await further economic data this week for clearer direction on growth and inflation trends.