Last Week: 0.64%
YTD: 15.29%
1 Year: 27.46%
Dow Jones Industrial Average
Last Week: 1.49%
YTD: 4.76%
1 Year: 18.24%
Last Week: 0.01%
YTD: 17.96%
1 Year: 32.43%
Last Week: 0.82%
YTD: 0.35%
1 Year: 12.49%
YTD: 20.44%
1 Year: 36.16%
YTD: 6.86%
1 Year: 16.62%
Retail Sales Slow
Retail spending was weaker last month than expected. Consumers continue to battle high inflation. Retail sales rose 0.1% in May, below the 0.2% analysts expected. The sales numbers are even worse when you remove auto sales, with a decline of 0.1%. Bars and restaurants saw a 0.4% decline, while home and furniture stores saw a 1.1% drop. After the news of slowing retail sales, the stock market rose on the increased outlook of at least one rate cut in 2024.
U.K. Inflation Falls
With the upcoming national elections in the UK, they saw inflation fall to their long-term target of 2% in May. This is coming down from 2.3% in April. Services inflation, a closely watched measure by the Bank of England, was at 5.7% in May versus 5.9% the previous month. The UK central bank meets this week to discuss rate cuts. There is mixed consensus on whether they will see a rate cut coming from this meeting.
Retail Software Cyber Attack
CDK Global, a major software provider to the auto industry, is still seeing major outages after a cyber attack began last week. Nearly 15,000 car dealerships in North America have been affected since Wednesday. The company has not yet determined who is behind the attack but has launched an investigation into the ransom-style cyber attack. Many car manufacturers and dealers have had to implement a temporary solution to remain operational while the outage is ongoing. Mike Stanton, the president and CEO of the National Automobile Dealers Association, told news stations in a statement, “We continue seeking information from CDK on the nature and scope of the cyber incident so dealers can respond appropriately.” CDK expects the systems to be restored over the next few days.
