S&P 500 futures stall at records after weak retail sales data: Live updates

S&P 500 futures hovered near the flatline Tuesday morning as investors assessed the health of the consumer following weak retail sales data.

Futures linked to the broad market index inched down by less than 0.1%, while Nasdaq 100 futures were little changed. Dow Jones Industrial Average futures fell 25 points.

Retail sales rose 0.1% in May, versus the 0.2% growth forecasted by economists polled by Dow Jones. Sales rose 2.3% on a year-over-year basis.

Treasury yields fell following the retail sales report, cushioning stock prices a bit with investors hoping for some economic slowing to spur the Federal Reserve to cut rates.

Those moves follow a positive session on Wall Street that propelled the S&P 500 higher by nearly 0.8%, while the Nasdaq Composite finished with a gain of almost 1%. Both indexes reached all-time highs during the session and closed at records. The 30-stock Dow advanced about 0.5% to end four days of losses.

“Investors are basically feeling the trend is my friend until it ends,” said Sam Stovall, chief investment strategist at CFRA Research. “They don’t really see anything at this point that is going to cause this upward move to end.”

Tech stocks performed well in the session, helping the tech-heavy Nasdaq outperform and aiding the broader S&P 500’s rise. Notably, Broadcom climbed more than 5%, while Apple jumped around 2%.

Nvidia touched an all-time intraday record as State Street said the chipmaker would likely see a weighting of more than 20% in the rebalance of its popular exchange-traded fund focused on tech. But the stock rolled over, ending the day down 0.7%. Despite that pullback, shares are still up nearly 165% on the year.

Other economic reports on topics like industrial production and business inventories are also expected in the morning. Several Federal Reserve officials including Boston Fed President Susan Collins and Richmond Fed President Tom Barkin are expected to speak at events across the country throughout the day.