Last Updated: 4:09 PM EST
Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.03%, 0.25%, and 0.15%, respectively. This comes after the Census Bureau released its Retail Sales report, which calculates the change in sales spending at retailers. Overall, spending increased by 2.27% year-over-year and 0.1% month-over-month. Economists had forecast a 0.3% month-over-month increase.
When looking at core retail figures, which removes automobile spending, sales decreased by -0.1% month-over-month, missing estimates of 0.2%.
The Census Bureau also put out its Business Inventories data that shows the change in value of unsold goods held by manufacturers, wholesalers, and retailers. Today’s figures came in line with expectations at a 0.3% increase from last month.
Furthermore, the Federal Reserve released its U.S. Industrial Production report, which measures the change in the total value of output produced by manufacturers, utilties, and mines. These figures are adjusted for inflation.
For May, industrial production increased 0.9% on a month-over-month basis. This was better than the 0.3% that was expected and better than the previous month’s report of 0%.
In addition, when looking at the year-over-year number, it increased by 0.39%. This was higher than last month’s reading of a -0.68% decrease. Overall, growth has been trending lower since hitting 7.51% in February 2022.
Industrial production is clearly slowing down as a result of higher interest rates, which has caused many businesses and consumers to become more cautious.
First Published: 5:02 AM EST
U.S. futures remained near the flatline on Tuesday morning as investors looked ahead to the release of May’s Retail Sales data. Futures on the Dow Jones Industrial Average (DJIA) and the S&P 500 were down by 0.13% and 0.06%, respectively, at 4:36 a.m. EST, June 18, while the Nasdaq 100 (NDX) was up 0.12%.
Yesterday, the stock market witnessed an upbeat trading session as both the S&P 500 and the Nasdaq Composite indices notched a new all-time high. Also, the Dow Jones gained about 0.5% to beat the four consecutive days of losses. The upside was supported by a rally in technology stocks.
In major news from the tech sector, Autodesk (ADSK) rose 5.2% after activist investor Starboard Value acquired a stake in the company. Also, Micron (MU) closed 5% higher after two analysts rated the stock a Buy and raised their price targets. Further, Tesla (TSLA) stock gained 5.3% after it was announced that the Model 3 Long Range variant now qualifies for the $7,500 IRA tax credit in the U.S.
Moving to the key economic reports due today, the Retail Sales data for May will be released. Moreover, other reports, such as Industrial Production and Business Inventories, are scheduled for release today.
On the earnings front, KB Home (KBH), America’s Car-Mart (CRMT), and Cognyte Software (CGNT) are some of the companies that will announce results today.
Meanwhile, the U.S. 10-year treasury yield was up at the time of writing, floating near 4.29%. At the same time, WTI crude oil futures trended lower, hovering near $80.2 per barrel as of the last check.
Elsewhere, European markets opened higher today as investors looked forward to the Eurozone’s Consumer Price Index (CPI) data. Also, traders are eagerly waiting for the Bank of England’s interest rate decision, due later this week.
Asia Pacific Markets Traded Higher on Tuesday
Most of the Asia-Pacific markets closed higher today, buoyed by positive sentiment in global stock markets.
Japan’s Nikkei and Topix indices were up by 1% and 0.58%, respectively. Similarly, China’s Shanghai Composite and Shenzhen Component indices gained 0.48% and 0.4%, respectively. However, Hong Kong’s Hang Seng index was down 0.11%.
Interested in more economic insights? Tune in to our LIVE webinar.
