Data: New York Fed; Chart: Axios Visuals

The New York Fed's new index designed to more quickly capture the state of the economy declined in the week of June 6 for the first time in more than a month.

The state of play: The retreat was driven by a falling retail sales report that more than offset a small increase in consumer sentiment, it said.

What happened: The Census Bureau's quarterly financial report released Monday for Q1 found seasonally adjusted after-tax profits for U.S. retail companies with assets of $50 million or more fell more than expected, dropping by $5.6 billion quarter over quarter and by $3.9 billion year over year.

  • Without seasonal adjustment, the decline was $8.7 billion quarter over quarter and $3.9 billion year over year.

Of note: Seasonal adjustment has become a contentious issue since the coronavirus pandemic hit. The practice has been altering reported findings by millions or even billions and in some cases turning net gains into net losses and vice versa.

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Investors say ignore the coronavirus pandemic and buy stocks

Illustration: Eniola Odetunde/Axios

U.S. economic data are crumbling as increasing coronavirus cases keep consumers at home and force more cities and states to restrict commerce, but the stock market has continued to rise.

What's happening: Bullish fund managers are starting to lay down bets that it will be this way for a while. "The reason is: You have monetary and fiscal policy pushing the economy out of a problem and that is very, very bullish," Andrew Slimmon, senior portfolio manager at Morgan Stanley Investment Management, tells Axios.

Robert Mueller speaks out on Roger Stone commutation

Former Special Counsel Robert Mueller testifies before the House Permanent Select Committee on Intelligence on Capitol Hill on Wednesday July 24, 2019. Photo: The Washington Post / Contributor

Former special counsel Robert Mueller responded to claims from President Trump and his allies that Roger Stone was a "victim" in the Justice Department's investigation into Russian interference in the 2016 election, writing in a Washington Post op-ed published Saturday: "He remains a convicted felon, and rightly so."

Why it matters: The rare public comments by Mueller come on the heels of President Trump's move to commute the sentence of his longtime associate, who was sentenced in February to 40 months in prison for crimes stemming from the Russia investigation. The controversial decision brought an abrupt end to the possibility of Stone spending time behind bars.

Trump dons face mask during Walter Reed visit

Trump wearing a face mask in Walter Reed National Military Medical Center on July 11. Photo: Alex Edelman/AFP via Getty Images

President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.