Last Updated: 4:00 PM EST
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Stock indices finished today’s trading session mixed after the Atlanta Federal Reserve updated its latest GDPNow reading, which allows it to estimate GDP growth in real time. The “nowcast” becomes more accurate as more economic data is released throughout the quarter. Currently, it estimates that the economy will expand by about 1.8% in the second quarter. This is lower than its previous estimate of 2.7%, which can be attributed to recent releases from the Institute for Supply Management and the U.S. Census Bureau.
In fact, the Institute for Supply Management released its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 48.7, which was lower than the expected 49.8.
Furthermore, the Census Bureau released its U.S. Construction Spending report, which measures the month-over-month change in construction spending. During April, the amount of spending decreased -0.1%, which was lower than the expected growth of 0.2% predicted by forecasters.
As a result, the Nasdaq 100 (NDX) and the S&P 500 (SPX) gained 0.35% and 0.11%, respectively. Meanwhile, the Dow Jones Industrial Average (DJIA) fell 0.3%.
First Published: 5:00 AM EST
U.S. futures were mixed on Monday morning as investors looked forward to entering the new trading month. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up by about 0.34% and 0.12%, respectively, at 4:18 a.m. EST, June 3, while the Dow Jones Industrial Average (DJIA) was down by 0.04%.
In the previous month, all three major indices – NDX, SPX, and DJIA – saw an upside on strong corporate earnings reports and the artificial intelligence-fueled rally. The Nasdaq Composite rallied 6.9%, marking its best month since November 2023. Furthermore, the S&P 500 and the Dow Jones indices registered gains of 4.8% and 2.3%, respectively, during the period.
Turning to this week’s economic reports, the Manufacturing Purchasing Managers’ Index (PMI) report for May is due for release today. Additionally, investors await the release of the Services PMI data on Wednesday. Furthermore, last month’s Nonfarm Payrolls and Unemployment Rate will be released on Friday.
On the earnings front, CrowdStrike (CRWD), Hewlett Packard Enterprise (HPE), Stitch Fix (SFIX), Dollar Tree (DLTR), ChargePoint Holdings (CHPT), Lululemon (LULU), and DocuSign (DOCU) will announce results this week.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.48%. At the same time, WTI crude oil futures trended higher, hovering near $77.01 per barrel as of the last check.
Elsewhere, European markets opened higher today as investors looked forward to the European Central Bank’s interest rate decision due later this week.
Asia Pacific Markets Traded Higher on Monday
Most of the Asia-Pacific indices traded higher today, buoyed by a stronger-than-expected Chinese manufacturing activity report for May.
Hong Kong’s Hang Seng index was up 1.78%. At the same time, China’s Shanghai Composite index was down 0.27%, but the Shenzhen Component index was trading higher by 0.07%. Japan’s Nikkei and Topix indices finished higher by 1.13% and 0.92%, respectively.
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