The stock market isn’t doing its best today with many shares down for a variety of reasons and we’re diving into that with a market update.
The negative effect on the stock market today can’t be tied back to just one reason. Instead, there are quite a few that are affecting the market. That includes individual stocks, such as DraftKings (NASDAQ:DKNG), taking a beating today for news connected specifically to them.
So why are many stocks down today? One thing to blame is the falling price of copper. This has mining companies, such as Freeport-McMoRan (NYSE:FCX), BHP Group (NYSE:BHP), and Glencore (OTCMKTS:GLNCY), seeing their shares lose value on Tuesday.
Another blow to the stock market in today’s update has to do with retail sales from May. According to an estimate from the Census Bureau released today, retail sales during the month were down 1.3%.
That decline has some concerned that the recovery of retail isn’t going as smoothly as it should as the novel coronavirus pandemic comes to an end. Even so, it’s worth noting that retail sales for may were still sitting 28.1% higher than what they were during the same time last year, reports The Hill.
The poor retail sales news for may has some retail stocks slipping today. That includes Walmart (NYSE:WMT), Amazon (NASDAQ:AMZN), and Target (NYSE:TGT). However, these drops are nowhere near close to what copper stocks are experiencing.
There’s also plenty of other stock market news that investors will want to be aware of today.
Not all stocks are down and some are seeing major gains today. A few examples of this include Exxon Mobil (NYSE:XOM), Alfi (NASDAQ:ALF), and ContextLogic (NASDAQ:WISH) shares. You can see what has these companies on the rise today at the following links!
More Tuesday Stock Market News
- XOM Stock: Will Exxon Raise Its Dividend in 2021?
- ALF Stock: The Huge Uber-Lyft Deal Sending Alfi Shares Skyrocketing Today
- Wish Stock: 5 Things to Know About ContextLogic as the Popular Meme Stock Surges
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.