{"id":47758,"date":"2024-06-03T20:50:29","date_gmt":"2024-06-03T20:50:29","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2024\/06\/03\/u-s-stocks-close-on-mixed-note-2\/"},"modified":"2024-06-03T20:50:29","modified_gmt":"2024-06-03T20:50:29","slug":"u-s-stocks-close-on-mixed-note-2","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2024\/06\/03\/u-s-stocks-close-on-mixed-note-2\/","title":{"rendered":"U.S. Stocks Close On Mixed Note"},"content":{"rendered":"
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After a positive start and a subsequent retreat that resulted in a fairly long spell in negative territory on Monday, U.S. stocks recovered in afternoon trades and ended the day’s session on a mixed note.<\/p>\n

The Nasdaq outperformed, settling at 16,828.67 with a gain of 93.65 points or 0.56 percent. The S&P 500 edged up 5.89 points or 0.11 percent to finish at 5,283.40, while the Dow ended down 115.29 points or 0.3 percent at 38,571.03.<\/p>\n

Data showing a contraction in the nation’s manufacturing activity in the month of May hurt sentiment. <\/p>\n

A report from the Institute for Supply Management said manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of May, edging down to 48.7 in the month, from 49.2 in April. Economists had expected the index to inch up to 49.6.<\/p>\n

The report also said the prices index slid to 57.0 in May from 60.9 in April, suggesting a slowdown in the pace of price growth.<\/p>\n

On Wednesday, the ISM is scheduled to release a separate report on service sector activity in the month of May. The services PMI is expected to rise to 50.5 in May from 49.4 in April, with a reading above 50 indicating growth. Preliminary data from the U.S. Censuc Bureau showed US construction spending shrunk unexpectedly in April amid declines in both private and public construction. <\/p>\n

The report said construction spending dipped 0.1% to $2,099.0 billion from the revised estimate of $2,101.5 billion in March. Spending was expected to grow 0.2 percent after a 0.2 percent decrease in March. The unexpected decrease by the headline index partly reflected a faster contraction in new orders, as the new orders index fell to 45.4 in May from 49.1 in April.<\/p>\n

The production index also slipped to 50.2 in May from 51.3 in April, although a reading above 50 still indicates growth.<\/p>\n

Meanwhile, the ISM said the employment index rose to 51.1 in May from 48.6 in April, indicating a rebound by employment during the month.<\/p>\n

Several stocks from financial and energy sectors ended sharply lower.<\/p>\n

Nvidia shares gained nearly 5 percent, after the company unveiled next-generation AI chips. <\/p>\n

Autodesk climbed about 4.6 percent. Moderna, Vertex Pharmaceuticals, Dollar Tree, Micron Technology, Starbucks, Biogen and Meta Platforms gained 2 to 4 percent.<\/p>\n

Salesforce.com climbed about 2.75 percent. AstraZeneca, Warner Bros., Amazon, Merck, Boeing and American Express posted moderate gains.<\/p>\n

Sirius XM, Walgreens Boots Alliancec, AMD, Old Dominion Freight Line and Baker Hughes ended sharply lower.<\/p>\n

In overseas trading, Asian stocks rallied on Monday as soft U.S. inflation data revived rate cut hopes and a private survey showed China’s factory activity grew the fastest in about two years in May due to production gains and new orders.<\/p>\n

European markets<\/span> closed largely higher on Monday with investors picking up stocks, looking ahead to the European Central Bank’s monetary policy announcement due later in the week.<\/p>\n

There are expectations that the ECB will deliver its first interest-rate cut of the cycle on Thursday.<\/p>\n

The pan European Stoxx 600 climbed 0.32 percent. Germany’s DAX gained 0.6 percent, and France’s CAC 40 edged up 0.06 percent. The U.K.’s FTSE 100 ended down by 0.15 percent. <\/p>\n<\/p>\n

Business News<\/p>\n<\/div>\n