U.S. stocks rose modestly on Monday, the first trading day of June, as investors await key economic indicators and corporate earnings reports in the coming weeks.
Market Performance
- The S&P 500 index gained 0.2%, closing at 4,195.51.
- The Dow Jones Industrial Average added 0.1%, finishing at 34,304.93.
- The Nasdaq Composite rose by a similar margin, ending at 13,420.53.
Investors are looking ahead to several key economic indicators and corporate earnings reports that could shape market sentiment.
Economic Indicators
On Tuesday, China’s manufacturing sector is expected to show a sharp decline in May, with the Caixin/S&P Global purchasing managers’ index likely falling below its neutral level of 50 for a second consecutive month.
Recent data from Caixin/Markit PMI surveys indicated that:
- China’s manufacturing sector experienced its steepest decline since August last year.
- The decline was attributed to lower demand from Europe amid the Russia-Ukraine conflict, which has disrupted supply chains and caused shortages of raw materials, such as steel.
China’s official PMI also showed that factory activity contracted for a third straight month in May, primarily due to falling new orders.
U.S. Legislative Developments
In related news, President Joe Biden signed legislation aimed at reducing reliance on foreign-made steel imports. This follows the imposition of tariffs ranging from $3 to $45 per tonne on various types of steel imports since March last year, based on Section 232 investigations under the Trade Expansion Act of 1962.
Key points include:
- Steel prices have been rising rapidly due to higher input costs, such as coal and iron ore.
- Domestic producers are struggling to meet growing demand, leading some consumers to seek cheaper overseas options despite higher shipping costs.
- This trend may continue unless significant changes occur in supply and demand dynamics.
Technology Sector Update
In technology news, Elon Musk’s Neuralink secured a $650 million funding round led by ARK Invest, among others.
Additionally, Tesla reported strong sales figures in Norway during May, selling units that were just over half the number sold last year, according to the Norwegian Automobile Federation (NAF).
Highlights include:
- The Model Y compact SUV accounted for more than half of total deliveries.
- Despite challenges such as high inflation rates and geopolitical tensions, Tesla continues to demonstrate resilience and strong brand loyalty among customers willing to pay premium prices for its products.
Overall, Tesla’s performance in Norway remains impressive, considering the current economic challenges.
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