The S&P 500 Index is down 0.08%, while the Dow Jones Industrial Average has dropped 0.43%. In contrast, the Nasdaq 100 Index has gained 0.11%. The mixed performance of US stock indexes comes amidst an 8% surge in crude oil prices and a 7 basis point rise in the 10-year T-note yield. This rise in oil prices follows Iran’s decision to cease communication with the US regarding a ceasefire due to increased Israeli attacks on Lebanon.
In economic data, the US manufacturing PMI rose to 54.0 in May, exceeding expectations, while the ISM prices-paid index fell to 82.1. The markets are preparing for the upcoming US unemployment report, anticipated to maintain an unemployment rate of 4.3% with a rise in payrolls by 89,000. Additionally, 84% of the 485 S&P 500 companies that reported Q1 earnings have surpassed estimates, projecting a year-over-year earnings growth of 12%. Meanwhile, Taylor Morrison Home Corp’s shares surged over 20% following Berkshire Hathaway’s $8.5 billion acquisition announcement.
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