U.S. stocks retreat from highs amid poor economic data

U.S. economic data released on Tuesday showed retail sales fell 1.3% in May, and retail sales excluding autos fell 0.7%, both weaker than market expectations. The PPI index, on the other hand, rose more-than-expected, with the year-on-year growth rate reaching the fastest pace in nearly 11 years, indicating that producers are facing continued price pressures, which raise concerns about inflation again.

Before the Fed's interest policy was introduced, U.S. stocks were hesitant, and fell from the highs with a decline across the board at market close. The Nasdaq was the weakest performer, down 0.7%, while the rest of the indexes fell by about 0.3%, and technology sectors such as software, semiconductors and networking all fell. The energy sector was strong, up nearly 2 percent, as a possible delay in Iran nuclear deal talks pushed up oil prices.

     The period comes as the European Union and the United States finally settled a 17-year dispute over government subsidies to Boeing and Airbus, agreeing to suspend trade tariffs stemming for five years. Analysts at Berenberg raised BA's target price from $215 to $245, maintaining a hold rating. Analysts note that the pandemic has driven a major restructuring across the airline industry that will boost its long-term value.