Mixed market with tech stocks up and energy stocks down, fueled by M&A activity and positive earnings.

From Nasdaq: 2024-06-03 18:15:02

Stocks closed mixed on Monday, with the S&P 500 up +0.11%, Dow down -0.30%, and Nasdaq up +0.35%. Nvidia led chip stocks higher after announcing new AI chips. US manufacturing weakened, and energy stocks fell after crude prices dropped. Waste Management to buy Stericycle for $5.8 billion, boosting M&A activity. Chinese PMI data supports stocks. Eurozone bond yields fell. Expect ECB rate cut Thursday. Kashkari forecasts Fed to hold rates. Earnings season shows positive results. Foreign markets mixed. Interest Rates.Foreign markets mixed. Interest Rates.

The US May ISM manufacturing index unexpectedly fell to 48.7. April construction spending also unexpectedly decreased. M&A activity was supported by deals such as Waste Management acquiring Stericycle for $5.8 billion and Becton Dickinson buying Edwards Lifesciences’ critical care unit for $4.2 billion. Chinese manufacturing data was strong, boosting global prospects. ECB expected to cut rates Thursday.

Stock movers: Nvidia led gainers, while energy stocks like Haliburton and Diamondback Energy retreated. Machinery stocks like Builders FirstSource and United Rentals declined. Autodesk closed up after investigation results. Paramount Global surged on an offer from Sydance Media. Boeing gained after resuming aircraft deliveries to China. Stericycle rose after Waste Management’s acquisition agreement.

In earnings news, Bath & Body Works, Core & Main, Crowdstrike, and others will report on June 4. Other stocks in focus included Best Buy, SAIC, Tractor Supply, Waste Management, and Cava Group. Analyst actions affected Target, Cava Group, and other stocks. Earnings season continues with positive results.Market updates: Stocks closed mixed Monday, tech stocks led gains. Economic concerns linger with weaker US manufacturing data. M&A activity boosts market sentiment. Global economic prospects lifted by strong Chinese PMI data. Expectations for ECB rate cut Thursday. Fed likely to hold rates, awaiting new economic data. Earnings season remains positive.



Read more at Nasdaq: Broader Market Settles Mixed on Strength in Tech Stocks and Weakness in Energy Stocks