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A poster shows discount prices as customers visit the Macy’s Herald Square store on December 17, 2023 in New York City.

Kena Betancur | Corbis news | Getty Images

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open updates investors with everything they need to know, wherever they are. Do you like what you see? You can subscribe here.

Wall Street is retreating
US stocks closed lower on Tuesday after the market rally cooled further. The S&P 500 fell for the third straight session, down 0.28%. The Nasdaq Composite lost 0.42% as technology stocks struggled, while the Dow Jones fell 0.08%. Despite the decline, the major averages are on track for their fifth winning month in a row.

Struggle over closing the gate
Logistics companies are in trouble after the closure of the Port of Baltimore, one of the busiest ports in the US. On Tuesday morning, the city’s Francis Scott Key Bridge collapsed after a large container ship crashed into a bridge pier – believed to have killed six people. “There will be dozens of diversions in the coming week and hundreds in the coming months while Baltimore is closed,” said Richard Meade, editor-in-chief of the shipping magazine Lloyd’s List.

Cocoa prices are rising
Cocoa prices are rising and this could impact consumers as the world faces a supply shortage. The cocoa futures contract for May delivery rose to a record intraday high of $10,080 a tonne on Tuesday. “The worst is yet to come,” said Paul Joules, commodities analyst at Rabobank. Prices will remain high for a while because there are no easy solutions.

Apple’s big reveal
Apple revealed that its big annual developer conference will take place from June 10 to June 14, during which it could unveil its AI game plan. In February, CEO Tim Cook said the iPhone maker was “investing significantly” in AI and teased an announcement “later this year.” The conference will be streamed live on the company’s website.

(PRO) ETFs that stand out
Given market volatility, investors are looking to exchange-traded funds to position their portfolios. Financial experts have picked five top ETFs to buy and hold this year. The Vanguard Total World Stock ETF should be the core investment for any long-term investor, says Vahan Janjigian, chief investment officer at Greenwich Wealth Management.

US consumer optimism appears to be waning as concerns about the economy grow.

The closely watched consumer confidence indicator fell to 104.7 in March, below consensus.

Expectations for the next six months have also fallen to the lowest level since October, down from 73.8 compared to 76.3 in February.

The outlook for business and labor market conditions, as well as income expectations, deteriorated in March.

“Consumers’ assessments of the current situation improved in March, but they also became more pessimistic about the future,” said Dana M. Peterson, chief economist at The Conference Board.

“Consumers continued to worry about high price levels, which dominated the write-in responses. March write-in responses showed an increase in concerns about food and gas prices.”

Although headline inflation has turned lower in recent months, it is still high, as recent economic data shows. Concerns are mounting despite the continued resilience of the US economy and strong job growth.

“Households’ pessimism about future income growth is increasing despite an improving picture of the current labor market. If concerns about incomes persist, they pose a potential challenge to upcoming spending,” Wells Fargo said in a note.

If the still-solid labor market starts to weaken, it will “translate into weaker wage growth and therefore weaker spending as the year progresses,” the bank added. “The confidence numbers may be the first to see signs of that pressure.”

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