Global Market Round Up || Why Did Wall Street Stocks Drift On Weak Retail-Sales Data?

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Global Market Round Up || Why Did Wall Street Stocks Drift On Weak Retail-Sales Data?

• The S&P 500 shed 0.20% to 4,246.59. The Dow Jones declined 0.27% to 34,299.33. The NASDAQ Composite shed 0.71% to 14,072.86, and the small-cap Russell 2000 dropped 0.26% to 2,320.07.

• On Tuesday, the Commerce Department said that US retail sales fell by 1.3% to US$620.21 billion in May after a spending splurge in the previous two months. The new data set comes ahead of an expected meeting of the Federal Reserve on Wednesday, in which it may reassess its interest rate.

• In the stock market, aeroplane manufacturer Boeing Co stock was trading marginally up at 0.75% after the US and the European Union said they have agreed on a truce in their 17-year trade dispute over government subsidies to Boeing Co. and Airbus SE.

• Exxon Mobil Corp gained 3.32%, while shares of vacation rental company Airbnb, Inc. and social media company Pinterest, Inc. jumped 1.78% and 2.83%, respectively.

• Meanwhile, technology stocks saw broad losses in a lacklustre trading session. Apple Inc. and Microsoft Corp declined 0.56% and 0.69%, respectively. Nvidia Corp. shed 1.12%, while Adobe Inc. and Salesforce.com inc. retreated 1.16% and 1.61%, respectively.

• Beverage maker Coca-Cola Company declined 0.17%, while sports betting company DraftKings plummeted 4.58%.

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