{"id":63245,"date":"2024-06-18T12:15:55","date_gmt":"2024-06-18T12:15:55","guid":{"rendered":"https:\/\/hub.onequity.com\/?p=2388"},"modified":"2024-06-18T12:15:55","modified_gmt":"2024-06-18T12:15:55","slug":"u-s-stocks-advance-ahead-of-retail-sales-release","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/ar\/u-s-stocks-advance-ahead-of-retail-sales-release\/","title":{"rendered":"U.S. stocks advance ahead of retail sales release"},"content":{"rendered":"\n

U.S. stocks were trading slightly higher on Tuesday ahead of the release of key retail sales data, a major driver of the U.S. economy.<\/p>\n\n\n\n

The major indices closed Monday’s trading day higher, with the Dow Jones Industrial Average up just under 190 points, or 0.5%, the S&P 500 up 0.8% and the Nasdaq Composite rising 0.9%, the latter two closing the day at record highs. <\/p>\n\n\n\n

Retail sales<\/strong><\/h2>\n\n\n\n

Consumer discretionary spending is seen as an important indicator related to the U.S. economy and, consequently, the timing of when the Federal Reserve may cut interest rates.<\/p>\n\n\n\n

Economists expect retail sales to increase by 0.3% month-over-month. This would be an acceleration from flat growth in April when spending on many goods was dampened by high gasoline prices.<\/p>\n\n\n\n

Investors will focus on speeches from Fed officials this week, most notably Boston Fed President Susan Collins and Richmond Fed President Tom Barkin.<\/p>\n\n\n\n

On Monday, Philadelphia Fed President Patrick Harker backed a 25 basis point cut in 2024, while echoing a median rate estimate for the rest of the year released by policymakers the previous week.<\/p>\n\n\n\n

Tesla fights for CEO Musk’s pay package<\/strong><\/h2>\n\n\n\n

Tesla (TSLA) remains in the spotlight as the electric car maker begins its legal battle for recognition of CEO Elon Musk’s nearly $56 billion pay package, which shareholders voted in favor of after a judge had struck it down earlier in the year.<\/p>\n\n\n\n

Elsewhere, stocks<\/a> of Chegg (CHGG) soared by more than 20% before the market opened after the education technology group reported plans to cut its global workforce by 23% as part of its deeper restructuring.<\/p>\n\n\n\n

Stocks of Lennar (LEN) lost nearly 3% before the markets opened as the homebuilder estimated that its third-quarter housing deliveries will be below estimates, a sign that demand for new homes is expected to remain sluggish as mortgage rates remain at two-decade highs.<\/p>\n\n\n\n

GameStop (GME) stocks lost about 1.5% before the market opened, following last session’s steep losses, after CEO Ryan Cohen announced to investors that the video game retailer plans to operate a smaller network of stores.<\/p>\n\n\n\n

Crude oil falls on demand fears<\/strong><\/h2>\n\n\n\n

Oil prices edged lower on Tuesday, shedding some of the previous session’s gains, as global demand expectations remain uncertain amid abundant supply. <\/p>\n\n\n\n

Data released earlier this week showed that China, the world’s largest importer of crude oil, was struggling to produce a solid economic recovery, while the U.S. economy felt the weight of a long stay at high interest rates. <\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. stocks were trading slightly higher on Tuesday ahead of the release of key retail sales data, a major driver […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2935,633],"tags":[],"class_list":["post-63245","post","type-post","status-publish","format-standard","hentry","category-markets","category-stocks"],"acf":[],"yoast_head":"\nU.S. stocks advance ahead of retail sales release - OnEquity<\/title>\n<meta name=\"description\" content=\"U.S. stocks inch higher ahead of retail sales data. 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