Stocks slipped from record levels on Tuesday as investors digested weaker-than-expected retail sales and higher-than-expected producer prices in May and anxiously looked ahead towards the Federal Reserve's latest policy decision on Wednesday.
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Lordstown Motors updates on company's current state:
"It's a new day at Lordstown and there are no disruptions, and there will be no disruptions, to our day-to-day operations," Strand said during a webcast for the Automotive Press Association, quoted by CNBC. "We remain committed to inspiring, building and maintaining confidence and transparency in our relationships with each other at Lordstown and, very importantly, with our customers, our partners, our suppliers and our shareholders."
Here's how the market stood in afternoon trading:
S&P 500 Index: -0.27% or -11.48 points to 4,243.67
Dow Jones Industrial Average: -0.38% or -132.23 points to 34,261.52
Nasdaq Composite Index: -0.68% or -96.63 points to 14,077.52
DraftKings falls on Hindenburg short:
"Based on conversations with multiple former employees, a review of [U.S. Securities and Exchange Commission] & international filings, and inspection of back-end infrastructure at illicit international gaming websites, we show that SBTech has a long and ongoing record of operating in black markets," updates Hindenburg on its short position.
DraftKings said in a statement that Tuesday's report was "written by someone who is short on DraftKings stock with an incentive to drive down the share price."
Here's how the market started trading after open:
S&P 500 Index: -0.08% or -3.22 points to 4,251.93
Dow Jones Industrial Average: +0.03% or +9.18 points to 34,402.93
Nasdaq Composite Index: -0.29% or -40.56 points to 14,133.98
Producer prices surge in May:
Producer prices rose at their fastest rate in nearly 11 years in May as inflation continues to affect the U.S. economy as it recovers from the coronavirus pandemic. The producer price index (PPI) surged 6.6% year-over-year in May, according to the Bureau of Labor Statistics, marking the largest 12-month rise since the department started tracking the data in November 2010. On a monthly basis, PPI rose 0.8%, ahead of the Dow Jones estimates of 0.5%.
Goods inflation continued to be the dominate inflation force, climbing 1.5%, while services roes 0.6%. Excluding volatile food and energy components, PPI rose 5.3%, another record.
Retail sales fall in May:
Retail sales fell in May, marking its first monthly decline since February, as consumer spending eased following the stimulus-boosted surge earlier this year.
Sales across all categories decreased by 1.3% in May over April, the Commerce Department reported on Tuesday. May's reading was worse than the 0.8% decline expected, and below April's upwardly revised 0.9% monthly increase.
Excluding auto and gas sales, retail sales were down 0.8%, following an increase of 0.1% in April.