May retail sales, Nvidia, Boeing CEO testifies: 3 Things

In May, US retail sales only increased by 0.1% against economist estimates of 0.3%.

The Technology Select Sector SPDR Fund (XLK) ETF might be due for some adjustments as Nvidia (NVDA) is set to surpass Apple's (AAPL) market value.

Boeing (BA) CEO Dave Calhoun — who said he will depart from the company by the year's end — will testify on the aerospace developer's plans to correct its troublesome manufacturing problems before a Senate panel on Tuesday.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video Transcript

So let's get to it.

The three things that you need to know this Tuesday morning as you prep for the trading day, Yahoo finances, Madison Mills, Jared Bry and Anne for have more a fresh pulse on the consumer here.

Retail sales increased at a slower than expected pace in May as high interest rates and inflation seemed to be weighing on consumers sales rising 1/10 of a percent last month.

That is less than what economists had expected but still higher than April's 2/10 of a percent decline.

Plus the excitement surrounding artificial intelligence has yet to run its course on Wall Street.

It's no surprise in video has soared this year but the XL K ETF that tracks the tech sector has underperformed because how it waits its members.

Now.

A big shake up could see $11 billion worth of in video stock bought and $12 billion of apple stock sold as the S and P revamps its index and Boeing heads to the hill.

Outgoing Ceo David Calhoun will testify before the Senate later this afternoon as the battled aerospace giant faces more scrutiny from lawmakers about its year full of blunders the Senate investigation subcomittee chaired by Senator Richard Blumenthal wants Calhoun to discuss how the company plans to fix its manufacturing problems.

After a panel blew out on a 737 max nine plane operated by Alaska Airlines back in January.

The incident sparked wide and scrutiny over the airplane makers safety challenges.