Tesla, Amazon, Ford stocks rise more as tame inflation data gives a boost to consumer discretionary sector

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,
+0.98%
rose 0.6% toward a nine-month high ahead of the open, after being up about 0.3% just before the data was released. Among the ETF’s more-active components, Tesla Inc.’s stock
TSLA,
+3.52%
gain increased to 1.3% after the data from 0.8%; Carnival Corp. shares
CCL,
+3.77%
rallied 3.3%, after being up 2.4% pre-data; Amazon.com Inc.’s stock
AMZN,
+0.08%
advanced 1.5%, after being up 0.7% before CPI; and Ford Motor Co.’s stock
F,
+2.50%
rose 0.6%, after being little changed pre-data. Meanwhile, futures
ES00,
+0.57%
for the S&P 500
SPX,
+0.67%
rose 0.3% after the data.