Stocks are declining as the S&P 500 Index is down 0.40%, the Dow Jones Industrial Average down 0.74%, and the Nasdaq 100 Index down 0.08%. Tensions between the US and Iran, including missile and drone attacks on US bases, have contributed to this dip, impacting oil prices which rose over 1% to a 1.5-week high. Conversely, chipmaker Marvell Technology gained over 7% following optimistic forecasts from Nvidia’s CEO on the company’s valuation.
Key economic indicators show that the US May ADP employment change rose by 122,000, exceeding expectations of 120,000, marking the largest increase in 16 months. The May ISM services index also rose to 54.5, above the expected 53.8, while April factory orders climbed 4.8% month-over-month, surpassing forecasts of 4.6%.
The market currently anticipates a 3% chance of a 25 basis point rate hike at the next FOMC meeting on June 16-17. Earnings reports reveal that 84% of S&P 500 companies that reported have exceeded estimates, suggesting a positive upward trend for Q1 earnings projected to rise by 12% year-over-year.
5 Stocks Our Experts Predict Could Double In the Next Year
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