US stock indexes drifted closer to records on Monday, coming off their stellar May.
- The S&P 500 rose 24.25 points, or 0.4%, to 5,935.94.
- The Dow Jones Industrial Average rose 35.41 points, or 0.1%, to 42,305.48.
- The Nasdaq composite rose 128.85 points, or 0.7%, to 19,242.61.
Each of the indexes dropped nearly 1% in the morning following some discouraging updates on US manufacturing. But stocks rallied back as the day progressed, and gains for a few influential Big Tech stocks helped the S&P 500 to rise even though the majority of stocks within it weakened, the
AP reports. Nvidia climbed 1.7% and Meta Platforms rose 3.6%. Oil prices rallied, while Treasury yields ticked higher in the bond market.
The report from the Institute for Supply Management said US manufacturing activity shrank by more last month than economists expected. President Trump has been warning that US businesses and households could feel some pain as he tries to use tariffs to bring more manufacturing jobs back to the country, and their on-and-off rollout has created lots of uncertainty. China blasted the United States on Monday for moves that it said hurt China's interests, including issuing AI chip export control guidelines, stopping the sale of chip design software to China and planning to revoke Chinese student visas. "These practices seriously violate the consensus" reached during trade discussions in Geneva last month, China's Commerce Ministry said in a statement.
In the first trading since Trump told Pennsylvania steelworkers on Friday that he's doubling the tariff on steel imports to 50%, Nucor jumped 10.1% and Steel Dynamics rallied 10.3%. But automakers and other heavy users of steel and aluminum weakened. General Motors and Ford both fell 3.9%. Lyra Therapeutics soared 310.8% after reporting positive late-stage trial results of an implant to treat chronic sinus inflammation in some patients. (More stock market stories.)
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