TheU.S. Census Bureau reported that sales ticked up 0.1% from April to May, missing expectations of a 0.2% month-on-month increase.

May sales, which totaled $703.1 billion, were up 2.3% from a year ago, while sales for the March 2024 to May 2024 period gained 2.9% from the same period a year earlier, the agency reported.

Nonstore retailers were up 6.8% from last year, while food services and drinking places were up 3.8 % from May 2023.

The market reacted calmly to the retail sales miss, as exchange-traded funds in the retail and food services sectors saw little movement by mid-morning on Tuesday.

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