On Monday, the S&P 500 Index rose 0.36%, the Dow Jones Industrial Average increased by 0.14%, and the Nasdaq 100 climbed 0.66%. The gains followed a volatile session marked by early losses due to Iran halting US-Iran ceasefire negotiations, which initially caused oil prices to surge by up to 8%. By the end of the day, oil prices closed more than 5% higher.
Key data released included the May US manufacturing PMI, which rose 1.3 points to 54.0, outperforming expectations for a slight increase. The May ISM prices-paid index fell by 2.5 points to 82.1, also below expectations. The upcoming US unemployment report is projected to show an unchanged rate of 4.3% with a payroll increase of 89,000. As of last Friday, 84% of the 485 S&P 500 companies reporting Q1 earnings exceeded estimates, with overall earnings projected to rise 12% year-over-year according to Bloomberg Intelligence.
Notable stock movements included Nvidia, which surged over 6% after announcing its entry into the PC market, while major competitors like Intel and AMD saw declines. Additionally, Taylor Morrison Home Corp rallied 22% following its acquisition by Berkshire Hathaway for approximately $8.5 billion.
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