Last updated: 4:09 PM EST
Stock indexes ended today’s trading in the positive.Nedix), S&P 500 (Spocks), Dow Jones Industrial Average (DJIA) rose 0.03%, 0.25% and 0.15%, respectively. This came after the Census Bureau released its Retail Sales report, which calculates changes in sales spending at retail stores. Overall, spending increased 2.27% year-over-year and 0.1% month-over-month. Economists had expected a 0.3% month-over-month increase.
Core retail figures, which exclude auto-related spending, showed sales fell 0.1% from the previous month, below expectations of a 0.2% decline.
The Census Bureau also released business inventory data, which shows changes in the value of unsold goods held by manufacturers, wholesalers and retailers. Today’s figure was in line with expectations, up 0.3% from the previous month.
In addition, the Federal Reserve released its U.S. Industrial Production report, which measures the change in total output produced by manufacturing, utilities, and mines. These figures are adjusted for inflation.
Industrial production rose 0.9% month-on-month in May, beating the expected 0.3% increase and better than the previous month’s 0% increase.
It also increased by 0.39% year-on-year, which is higher than the decrease of -0.68% last month. Overall, the growth rate has been on a downward trend since recording 7.51% in February 2022.
As a result of rising interest rates, industrial production has clearly slowed and many businesses and consumers have become more cautious.
First Published: 5:02 AM EST
U.S. futures remained roughly flat on Tuesday morning as investors awaited the release of May retail sales data. Dow Jones Industrial Average futures (DJIA) and the S&P 500 were down 0.13% and 0.06%, respectively, as of 4:36 a.m. ET on June 18, while the Nasdaq 100 (Nedix) rose 0.12%.
The stock market traded strong yesterday with the S&P 500 and Nasdaq Composite both hitting new all-time highs, while the Dow Jones Industrial Average rose 0.5%, erasing a four-day losing streak, buoyed by gains in technology stocks.
In the technology sector, AutodeskAdsk) rose 5.2% after activist investor Starboard Value acquired a stake in the company.M) closed 5% higher after two analysts rated the stock a “buy” and raised their price targets.TSLA) shares rose 5.3% after the company announced that its Model 3 Long Range models will be eligible for a $7,500 IRA tax credit in the United States.
Moving on to the major economic reports due for release today, retail sales data for May will be released, along with other reports such as industrial production and business inventories due for release today.
In terms of profits, KB Home (KBH), American Car-Mart (CRMT), and Cognyte Software (CGNT) are among the companies reporting earnings today.
Meanwhile, the yield on the 10-year US Treasury note has risen and is hovering around 4.29% at the time of writing. At the same time, WTI Crude Oil futures have been trending lower, hovering around $80.2 per barrel as of last check.
Meanwhile, European markets opened higher today as investors looked forward to Eurozone Consumer Price Index (CPI) data, and traders are also eagerly awaiting the Bank of England’s interest rate decision due later this week.
Asia Pacific markets rise on Tuesday
Most Asia Pacific markets ended higher today, buoyed by positive sentiment in global equity markets.
Japan’s Nikkei and TOPIX rose 1% and 0.58%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Composite Indexes rose 0.48% and 0.4%, respectively. However, Hong Kong’s Hang Seng Index fell 0.11%.
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