The U.S. Commerce Department released the business inventories data on Tuesday. The U.S. business inventories rose 0.1% in April, missing expectations for a 0.2% gain, after a 0.3% increase in March. March's figure was revised down from a 0.4% rise.

Retail inventories fell 0.1% in April, wholesale inventories were up 0.6%, while manufacturing inventories decreased 0.1%.

Retail sales climbed 1.4% in April, while manufacturing sales were up 0.6%.

The business inventories/sales ratio declined to 1.40 months in April from 1.41 months in March. The business inventories /sales ratio is a measure of how long it would take to clear shelves.