- US stocks kicked the first trading day of June off with mixed trades on Monday.
- Weaker-than-expected manufacturing data pushed stocks lower throughout the day.
US stocks kicked June off with mixed trades on Monday as investors digested a new set of manufacturing data.
The ISM Manufacturing index came in at 48.7%, which was below estimates of 49.6% and below last month's reading of 49.2%. Meanwhile, construction spending was down 0.1% in April, below economist expectations for a gain of 0.2%.
Finally, the S&P Flash US Manufacturing PMI came in at 51.3 in May, slightly ahead of the median forecast of 50.7.
The mixed data led to a mixed stock market in Monday's trading session, with the Nasdaq 100 printing gains, the S&P 500 about flat, and the Dow Jones Industrial Average moving slightly lower.
Investors will turn their focus to the state of the US job market later this week, with job openings data to be released on Tuesday, initial jobless claims set to be published on Thursday, and the May jobs report scheduled for Friday.
Economists expect 178,000 jobs to have been added to the US economy in May, about in line with the April jobs report.
The sweet spot would be between 125,000 and 175,000 jobs added last month, according to Bank of America, as it would leave the door open for interest rate cuts from the Federal Reserve without scaring investors about a potential recession.
Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:
- S&P 500: 5,283.40, up 0.11%
- Dow Jones Industrial Average: 38,571.03, down 0.3% (-115.29 points)
- Nasdaq composite: 115.29, up 0.56%
Here's what else happened today:
- A stock market glitch at the New York Stock Exchange briefly led to big stock price discrepancy errors, with Berkshire Hathaway Class A shares being incorrectly down 99.97%.
- Car prices are finally falling for both used and new vehicles, but sales have appeared to flatline, according to Bank of America.
- The S&P 500 could soar 23% next year as long as Treasury yields fall and the AI momentum stays strong, according to Capital Economics.
- Cathie Wood's Ark Invest missed out on a $1 billion return by selling more than 1 million shares of Nvidia at prices significantly below its current level.
- Bank of America says its second half of the year trading playbook for investors should include buying the dips in bonds.
- GameStop stock soared after Keith Gill's Reddit account posted a screenshot that suggests he owns more than $100 million worth of the video game retailer.
- Global powers are helping Ukraine by giving it money frozen from Russia. That spells bad news for companies still doing business there.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dropped 3.87% to $74.01 a barrel. Brent crude, the international benchmark, was lower by 3.67% to $78.13 a barrel.
- Gold edged higher by 0.89% to $2.366/70 per ounce.
- The 10-year Treasury yield dropped nine basis points to 4.40%.
- Bitcoin jumped 2.00% to $69,094.