US Stocks Mixed; Retail Sales Increase 0.1% In May

U.S. stocks traded mixed this morning, with the Nasdaq Composite edging lower on Tuesday.

Following the market opening Tuesday, the Dow traded up 0.25% to 38,875.50 while the NASDAQ fell 0.12% to 17,836.13. The S&P 500 also rose, gaining, 0.15% to 5,481.48.

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Leading and Lagging Sectors

Energy shares jumped by 1.6% on Tuesday.

In trading on Tuesday, consumer discretionary shares fell by 0.4%.

Top Headline

U.S. retail sales rose 0.1% month-over-month in May compared to a revised 0.2% declined in April and missing market expectations of 0.2% gain.

Equities Trading UP
                       

• Reliance Global Group, Inc. RELI shares shot up 301% to $0.89 after the company issued an update on the pending acquisition of Spetner Associates.
• Shares of Comtech Telecommunications Corp CMTL got a boost, surging 73% to $3.7544 after the company announced a new $222 million credit facility.
• NLS Pharmaceutics AG NLSP shares were also up, gaining 168% to $0.3951 after jumping 30% on Monday.

Equities Trading DOWN

• Solidion Technology Inc. STI shares dropped 70% to $0.5794.
• Shares of DermTech, Inc. DMTK were down 59% to $0.1371 after the company filed for Chapter 11 protection and implemented a 20% workforce reduction to preserve cash.
• Quantum Corporation QMCO was down, falling 38% to $0.48 following weaker-than-expected FY 2024 results.

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Commodities

In commodity news, oil traded up 0.7% to $80.90 while gold traded up 0.4% at $2,338.40.

Silver traded up 0.3% to $29.485 on Tuesday, while copper fell 0.4% to $4.4320.

Euro zone

European shares were higher today. The eurozone's STOXX 600 gained 0.6%, Germany's DAX rose 0.2% and France's CAC 40 gained 0.6%. Spain's IBEX 35 Index rose 0.9%, while London's FTSE 100 climbed 0.6%.

Annual inflation rate in the Eurozone accelerated to 2.6% in May from 2.4% in the previous month, while ZEW Indicator of Economic Sentiment rose by 4.3 points to a reading of 51.3 in June.

The ZEW Indicator of Economic Sentiment for Germany rose to 47.5 in June, notching the highest reading since February 2022.

Asia Pacific Markets

Asian markets closed mostly higher on Tuesday, with Japan's Nikkei gaining 1%, Hong Kong's Hang Seng Index declining 0.11%, China's Shanghai Composite Index gaining 0.48% and India's S&P BSE Sensex gaining 0.4%.

Singapore’s non-oil domestic exports slipped 0.1% year-over-year for May versus a sharp 9.6% decline in the prior month.

Economics

• U.S. retail sales rose 0.1% month-over-month in May compared to a revised 0.2% declined in April and missing market expectations of 0.2% gain.
• U.S. industrial production increased 0.9% month-over-month in May, topping market estimates of a 0.3% gain.

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