U.S. consumer sentiment has now hit its all-time low, according to The University of Michigan’s long-standing survey. The survey dates back to 1952, meaning that May’s reading of 44.2 (down from 49.8 in April) is the lowest recorded in nearly 75 years (more).

Ross Stores delivered an extremely strong quarterly report card, with sales soaring by 21% to rest at $6 billion and comp sales up by 17%. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers,” CEO Jim Conroy said (more).

Oura, makers of the popular lineup of smart rings, has confidentially filed for an IPO. The company was valued at $11 billion last October, and was named No. 14 on CNBC’s Disruptor 50 list (more).

Stellantis CEO Antonio Filosa revealed the automaker’s $~70 billion commitment to a 5-year renewal effort across its entire product line. Titled FaSTLAne 2030, the revamp will also see 11 new models stateside before 2030, including models priced under $30,000 (more).

U.S. consumers are showing remarkable resilience in the face of persistent inflationary pressure and soaring gas prices, CNN reporter David Goldman noted, even going into debt to continue shopping. Despite dipping consumer confidence, shoppers are engaging in “revenge spending,” and “no matter how consumers feel about the economy, they’re willing to keep shelling out,” Goldman wrote (more).