Stocks are up today and we’re breaking down why that’s the case with our coverage of the market on Tuesday!
The big news that has stocks up today is retail sales data for June. That came in flat, which was better than analysts’ expectations of a 0.3% decrease. That’s worth noting as economic slowdown is an ongoing concern.
On top of that, June retail sales increased by 0.8% when cutting out volatile auto and gas categories. That’s better than the 0.2% increase experts were predicting for the month.
Adding to that is revised retail sales data for May. That got bumped up to an increase of 0.3%. Before that, the retail sales data for May came in at 0.1%.
Citi Senior Global Economist Robert Sockin said the following about the sales data to Yahoo Finance:
“I think for the Fed, this will take some urgency off of easing rates, out of fears that the economy may be slowing down more sharply. So I think they’re going to still signal at the July meeting a September cut is very likely, given progress on inflation.”
Let’s check out how this news affects the major stock indices below!
Stocks Up Today: Major Indices Rising
- Starting us off is the S&P 500 with a 0.31% increase as of Tuesday afternoon.
- Next on the list is the Dow Jones Industrial Average with a 1.39% gain as of this writing.
- Closing us out is the Nasdaq Composite with a 0.17% dip on Tuesday.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest stock market news traders need to know about on Tuesday! A few examples include what’s happening with shares of GameStop (NYSE:GME), Mullen Automotive (NASDAQ:MULN) and Salesforce (NYSE:CRM) stock today. All of this info is ready at the following links!
More Tuesday Stock Market News
- GameStop (GME) Stock Pops as Ryan Cohen Endorses Trump
- MULN Stock Alert: Mullen Names New Bollinger Motors CEO
- Salesforce Layoffs 2024: What to Know About the Latest CRM Job Cuts This Year
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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
