The consumer discretionary sector got a nice boost in the wake of tame consumer inflation data, amid hopes that lower inflation would help boost spending. The Consumer Price Index rose 0.1% in May to match expectations, while the annual gain fell to 4% from 4.9%, to mark the lowest level since March 2021. The Consumer Discretionary Select Sector SPDR exchange-traded fund XLY rose 0.6% toward a nine-month high ahead of the open, after being up about 0.3% just before the data was released.
The consumer discretionary sector got a nice boost in the wake of tame consumer inflation data, amid hopes that lower inflation would help boost spending. The Consumer Price Index rose 0.1% in May to match expectations, while the annual gain fell to 4% from 4.9%, to mark the lowest level since March 2021. The Consumer Discretionary Select Sector SPDR exchange-traded fund XLY rose 0.6% toward a nine-month high ahead of the open, after being up about 0.3% just before the data was released.