The S&P 500 Index rose to yet another fresh record high on Tuesday as artificial intelligence industry leader Nvidia
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Moving Markets:
U.S. Retail Sales rose at a less-than-expected rate in May, the Commerce Department reported Tuesday, as consumer demand waned due to prolonged inflationary pressures ahead of the summer months.
Sales rose 0.1% last month, one-tenth of a percentage point below analyst estimates but coming in slightly ahead of April's downwardly revised monthly decline of 0.2%. On an annual basis, headline retail sales rose 2.3%.
Excluding auto purchases, sales declined 0.1% in May compared to analyst estimates for an 0.2% increase.
Elsewhere, Federal Reserve Governor Adriana Kugler said in remarks delivered at the Peterson Institute for International Economics in Washington said Tuesday that the central bank may issue at least one rate cut this year as long as inflation continues to ease across the economy.
"I believe economic conditions are moving in the right direction," Kugler said. "If the economy evolves as I am expecting, it will likely become appropriate to begin easing policy sometime later this year."
In the News:
Occidental Petroleum
Fisker
"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently," Fisker founder Henrik Fisker said in a statement on Tuesday.
Amazon
"Together, with hard work, courage, and conviction, the Teamsters and ALU will fight fearlessly to ensure Amazon workers secure the good jobs and safe working conditions they deserve in a union contract," said Sean O'Brien, general president of the Teamsters, in a statement.
Looking Ahead:
Markets will close on Wednesday in observance of the Juneteenth U.S. holiday, and will resume normal trading hours on Thursday.