Market Recap: Retail Sales Slow, UK Inflation Falls, Cyber Attack Hits Auto Industry

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Market Recap: Retail Sales Slow, UK Inflation Falls, Cyber Attack Hits Auto Industry

SPY
S&P 500

Last Week: 0.64%
YTD: 15.29%
1 Year: 27.46%

DIA

Dow Jones Industrial Average

Last Week: 1.49%
YTD: 4.76%
1 Year: 18.24%

ONEQ
NASDAQ

Last Week: 0.01%
YTD: 17.96%
1 Year: 32.43

Russell 2000

Last Week: 0.82%
YTD: 0.35%
1 Year: 12.49

Large Growth

YTD: 20.44%
1 Year: 36.16

Large Value

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. 

  • Alex Wolfe

    Alex is a Certified Financial Planner™. He brings nearly a decade of experience working with individuals, families, and business owners. Prior to working for Base Wealth Management, Alex worked for Fidelity Investments and an independent wealth management firm in Venice, FL. Through many years of practice, he specializes in helping clients navigate their financial goals through comprehensive financial planning. He received his bachelor’s degree in economics from Texas A&M University.

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2022 Tax Document Information

As a Base Wealth Management client, you should receive your paper tax documents via mail in the coming weeks. Or, if you previously had an online account with Pershing’s NetX360, you should be able to access your 2022 tax documents through that portal. 

If not, or if you experience any issues, please reach out to Tim O’Brien (tim.obrien@intervestintl.com).

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