Wall Street Today | U.S. existing-home sale prices hit record of $407,600 in May

Sales of previously owned homes slid for a fourth straight month, declining 3.4% in May from the prior month to a seasonally adjusted annual rate of 5.41 million, the weakest rate since June 2020, the National Association of Realtors said Tuesday. May sales fell 8.6% from a year earlier.

The tight labor market that formed over the past two years, as the economy recovered rapidly from a brief pandemic recession, could aid the Fed in combating inflation, Ms. Yellen said while speaking at a press conference during a visit to the Rosebud Indian Reservation in South Dakota.

Supply constraints, exacerbated by Russia's war in Ukraine this year, account for about half of the surge in US inflation, with demand currently making up a third of the increase, according to new research from the Federal Reserve Bank of San Francisco.

The plan, unveiled Tuesday as part of the administration's agenda of regulatory actions, likely wouldn't take effect for several years. The Food and Drug Administration plans to publish a proposed rule in May 2023, though the agency cautioned that date could change. Then the agency would invite public comments before publishing a final rule. Tobacco companies could then sue, which could further delay the policy's implementation.

Demand for U.S. domestic travel has been surging for months -- overwhelming capacity in some places at busy times, such as the Memorial Day weekend earlier this year and the recent three-day Juneteenth weekend. More than 5,000 flights have been canceled in recent days by U.S. carriers, which have blamed staff shortages and bad weather.

The Federal Aviation Administration said early Monday that the problems were easing as weather improves and traffic volumes subside.

Retail has been coming up short on earnings, yet not many companies are in danger of default because of the sector's relatively strong balance sheets.

Still, more than a few players are increasing their debt loads, as BMO Capital Markets points out in a note -- a trend that bears are watching.