S&P 500 Index notches new record high after mixed US data

Wall Street's main indexes post small losses on Tuesday.
Retail Sales in US fell more than expected in May.
Rising crude oil prices continue to boost energy stocks.

Eren Sengezer FXStreet

Major equity indexes in the US are trading slightly below Monday's closing levels. As of writing, the S&P 500, which touched a new record high of 4,257 at the opening bell, was down 0.08% on the day at 4,252. Moreover, the Dow Jones Industrial Average was losing 0.1% at 34,346 and the Nasdaq Composite was falling 0.25% at 14,091.

Mixed macroeconomic data releases from the US seem to be forcing investors to remain cautious ahead of FOMC's policy announcements on Wednesday.

The US Census Bureau reported on Tuesday that Retail Sales in May declined by 1.3%, compared to analysts' estimate for a fall of 0.8%. On a positive note, Industrial Production expanded by 0.8%, beating the market expectation for an increase of 0.6% by a small margin.

Among the 11 major S&P 500 sectors, the Energy Index is up 1.35% supported by a 1% increase in US crude oil prices. On the other hand, the Real Estate Index is the biggest percentage decliner after the opening bell, losing 0.55% on a daily basis.

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S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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