The S&P 500 Index rose to yet another fresh record high on Tuesday as artificial intelligence industry leader Nvidia (NASDAQ: NVDA) surpassed Microsoft (NASDAQ: MSFT) to become the most value public company. The broader market index rose 0.25% to settle at 5,497.03. The Dow Jones Industrial Average also rose over 50 points, while the tech-heavy Nasdaq Composite rose above the flatline.
Here's how the market settled on Tuesday:
S&P 500 Index (NYSE: SPY): +0.25% or +13.80 points to 5,487.03
Dow Jones Industrial Average (NYSE: DIA): +0.15% or +56.76 points to 38,834.86
Nasdaq Composite Index (NASDAQ: QQQ): +0.03% or +5.21 points to 17,862.23
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 (NYSE: OXY) shares rose Tuesday after a regulatory filing showed Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) increased its stake in the oil and gas producer to almost 29%, over over 255 million shares. Occidental is the conglomerate's sixth-largest stock holding.
Fisker (OTC: FSRN) filed for Chapter 11 bankruptcy protection late Monday as the electric vehicle startup was plagued by low consumer demand, high cash burn and other operational and product issues.
"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 (NASDAQ: AMZN) Labor Union members have voted to join the International Brotherhood of Teamsters, the groups said in a joint statement on Tuesday, with roughly 98% of members voting in favor.
"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.