Major U.S. stock indexes rallied during Tuesday midday trading after May retail sales data came in much stronger than expected.
The S&P 500, Dow Jones Industrial Average and the Nasdaq all rose nearly 2% apiece to 3,131.16, 26,344.14 and 9,903.71, respectively.
Crude oil increased 2.5% to $38.03, while gold ticked 0.6% higher to $1,737.
The yield on a 10-year Treasury bond surged 7.3% to 0.75%.
RETAIL
Irvine Western-inspired retailer Boot Barn Holdings Inc. (NYSE: BOOT) led gains for OC-based retailers, increasing 5.7% to $24.14 and a $695 million market cap. Shares for the company are down 47% since the start of the year, but have rallied 50% in the past three months since the start of the COVID-19 pandemic.
Irvine-based Tilly’s (NYSE: TLYS) also got a boost on Tuesday, rising 2.2% to $6.13 and a $182 million market cap.
TECHNOLOGY
Costa Mesa artificial intelligence company Veritone Inc. (Nasdaq: VERI) jumped 8% to $14.55 and a $394 million market cap after signing an agreement with digital entertainment network Collab to add a new licensing portal that will expand Veritone’s user-generated content library with creators from YouTube, Instagram and TikTok. Shares for the company are nearly six times their price at the start of the year.
