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Stock Market News Today, 6/02/23 – Dow Gains 2% as Stocks Finish with a Bang
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Stock Market News Today, 6/02/23 – Dow Gains 2% as Stocks Finish with a Bang

Last Updated 4:03 PM EST

Stock indices finished today’s trading session in the green. The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) gained 0.73%, 1.45%, and 2.12%, respectively.

The communications sector (XLC) was the session’s laggard, as it gained 0.13%. Conversely, the materials sector (XLB) was the session’s leader, with a gain of 3.33%.

Furthermore, the U.S. 10-Year Treasury yield increased to 3.69%. The Two-Year Treasury yield also increased, as it hovers around 4.5%. This brings the spread between them to -81 basis points.

Compared to yesterday, the market is pricing in a higher chance of a higher Fed Funds rate for December 2023. In fact, the market’s expectations for a rate in the range of 4.5% to 4.75% decreased to 11% compared to yesterday’s expectations of 24%.

In addition, the market is now also assigning a 35.5% probability to a range of 5% to 5.25%. For reference, investors had assigned a 25.3% chance yesterday.

Last Updated at 2:30PM EST

Stocks remain in positive territory as investors cheer a stronger-than-expected jobs report. As of 2:30 p.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.8%, 1.5%, and 2.1%, respectively.

Last Updated at 11:25AM EST

Stocks are in the green so far in today’s trading session. As of 11:25 a.m. EST, the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.8%, 1.4%, and 1.7%, respectively.

In addition, WTI crude oil is higher today, as it hovers around the mid-$71 per barrel range. Nevertheless, the commodity’s overall downtrend has caused prices at the pump to decline when compared to last week.

Indeed, the national average for regular gas was last $3.567 per gallon, down from last week’s reading of $3.572. The highest prices can be found in California, where prices are substantially higher than the national average, at $4.871 per gallon. On the other hand, Mississippi is the state with the lowest gas prices, at $2.979 per gallon.

Last updated: 9:40 AM EST

The Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up by 1.11, 1%, and 1.10%, respectively, at 9:40 a.m., EST, June 2.

Last updated: 8:30AM EST

The jobs report indicated that the labor market continued to remain strong as employment increased by 339,000 in May, ahead of the forecast of 190,000 and above the 253,000 jobs added in April. The unemployment rate increased by 0.3 percentage points to 3.7% in May. Since March of last year, the unemployment rate has ranged between 3.4% to 3.7%.

In May, average hourly earnings for all employees increased by 0.3 % to $33.44. Over the past year, average hourly earnings have increased by 4.3%.

Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.4%, 0.44%, and 0.48%, respectively, at 8:40 a.m., EST, June 2.

First published: 5:06AM EST

U.S. stock futures are trending higher on Friday morning, as traders shift their focus from the debt ceiling drama to the May jobs report scheduled to be released today. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.38%, 0.39%, and 0.43%, respectively, at 5.05 a.m., EST, June 2.

Dow Jones economists estimate nonfarm payrolls for May to increase by 190,000, indicating a slowdown from the 253,000 jobs added in April. The job market is being closely watched to gauge how policy tightening has impacted the economy and if further rate hikes are required to tame high inflation.

Stock indices closed higher on Thursday in reaction to a series of economic data and favorable developments on the debt ceiling front.

On Thursday night, the Senate passed a bill to raise the debt ceiling, advancing the bill to President Joe Biden’s desk to be passed into law ahead of the default deadline of June 5.

Coming to stocks-specific news, MongoDB (NASDAQ:MDB) stock rallied after the cloud-based database software platform crushed analysts’ fiscal first-quarter earnings estimates and raised its full-year guidance. Shares of athletic apparel maker Lululemon (NASDAQ:LULU) surged on upbeat fiscal first-quarter results and solid outlook. Discount retailer Five Below (NASDAQ:FIVE) also advanced in pre-market trading after reporting mixed results.       

In contrast, SentinelOne (NYSE:S) stock tanked after the cybersecurity company slashed its annual guidance

Meanwhile, European indices moved higher on Friday, reacting to the positive updates related to the U.S. debt ceiling. 

Asia-Pacific Markets Rise on Friday

Asia-Pacific indices ended Friday on a positive note. In particular, Hong Kong’s Hang Seng Index was up 4%, with the consumer and real estate sectors leading the gains.

Additionally, China’s Shanghai Composite Index and the Shenzhen Component Index climbed 0.79% and 1.50%, respectively.  

Meanwhile, Japan’s Nikkei and Topix indices rose 1.21% and 1.55%, respectively.

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