NEW YORK (AP) — U.S. stocks edged to a mixed finish on Monday after the latest signs the U.S. economy is slowing.

The S&P 500 added 5.89 points, or 0.1%, to 5,283.40, although the majority of stocks within the index fell. The Dow Jones Industrial Average fell 115.29, or 0.3 percent, to 38,571.03 and the Nasdaq Composite added 93.65, or 0.6 percent, to 16,828.67.

Treasury yields also weighed on bond markets after a report showed U.S. manufacturing contracted for the 18th time in 19 months in May, according to the Institute for Supply Management. Manufacturing has been particularly hard hit by high interest rates aimed at keeping high inflation under control.

“Demand remains sluggish as companies remain reluctant to invest due to current monetary policy and other conditions,” said Timothy Feuer, chair of the Institute for Supply Management’s Manufacturing Business Survey Committee.

Stocks of companies whose profits are most closely tied to the strength of the economy fell among the market’s worst losers. This included the oil and gas industry, as the price of crude fell on fears of reduced demand for the fuel.

Halliburton fell 5.3 percent, and ExxonMobil fell 2.4 percent. They sank as the price of a barrel of US oil fell 3.5 percent. Brent crude, the international benchmark, lost the same amount despite rising over the weekend. Saudi Arabia and other oil producing countries It has to increase its value.

Among the winners on Wall Street were some of the biggest technology stocks that continue to fly regardless of the economy’s performance.

Nvidia It climbed another 4.9 percent to bring its gain for the year to 132.2 percent after unveiling new products and services over the weekend. It’s delivering. Profits to blow To fend off criticism that investors have gotten too excited about AI’s potential. Nvidia was by far the strongest force pushing the S&P 500 higher.

In another corner of Wall Street, the jump was even bigger than the one accustomed to belly-swinging, both up and down.

Game Stop Its recall measure increased by 21 percent. Early 2021 rocket ride. That Rocked Wall Street. And brought the term “meme stock” into our modern vernacular. GameStop jumps in after a Reddit account associated with one of the main characters in the 2021 episode said it had staked 5 million shares with options to buy more. The post from Sunday night said the position was worth $181.4 million.

The post made waves online because it came from the same Reddit account that showed similar screenshots of major GameStop holdings in 2021 that boosted the struggling video-game retailer’s stock price. I had helped, beyond what many critics on Wall Street would call rational.

“Meme stocks” have become the way to describe companies whose prices move more on the whims of small-pocketed investors than on any fundamental change in their business prospects. Other meme stocks also gained on Monday, including an 11.1 percent gain for AMC Entertainment.

In another traditional move for the market, Strycycle jumped 14.6 percent after Waste Management said it would buy the medical waste company for $5.8 billion in cash and assume $1.4 billion of its net debt. Waste management decreased by 4.5%.

Hertz Global sank 5.3 percent after it said its chief operating officer was leaving and named a new chief financial officer.

In the bond market, the yield on the 10-year Treasury fell to 4.39% from 4.50% late Friday. The two-year yield, which more closely tracks expectations of action by the Federal Reserve, fell to 4.81 percent from 4.88 percent.

The hope among investors is that the U.S. economy will hit a precise bull’s eye where it slows enough to keep pressure on inflation but not so much that it leads to a recession. As a result, the Federal Reserve may cut its key interest rate.

The Fed keeps the federal funds rate at the highest level in two decades, deliberately slowing the economy and hurting investment prices in hopes of fully taming high inflation.

There are several high-profile economic reports this coming week that could send yields on extra sharp swings.

On Tuesday, the U.S. government will show how many job openings employers were advertising at the end of April. And on Friday, it will give its latest monthly update on overall growth in jobs and workers’ wages.

In overseas stock markets, India’s Sensex rose 3.4 percent after the country’s six-week high. National elections It ended with the highest exit polls that Prime Minister Narendra Modi would. extending its decade Third consecutive term in power.

Stocks in Mexico, meanwhile, fell 6 percent after Claudia Sheinbaum. Claimed victory In the presidential elections of this country.

Elsewhere in the world, stock indices were higher in Europe and much of Asia, although Shanghai and London were the exceptions.


AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

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