On Wednesday, June 3, 2023, major U.S. stock indexes experienced significant declines: the S&P 500 fell by 0.74%, the Dow Jones Industrial Average by 1.21%, and the Nasdaq 100 by 0.29%. Concurrently, June E-mini S&P futures decreased by 0.78% and June E-mini Nasdaq futures by 0.32%. The retreat was influenced by rising tensions between the U.S. and Iran, which led to a 2% jump in WTI crude oil prices, reaching a 1.5-week high.
Key economic data released on the same day showed the U.S. ADP employment change rose by 122,000, surpassing expectations of 120,000, marking the largest increase in 16 months. The ISM services index rose to 54.5, ahead of the expected 53.8, while April factory orders increased by 4.8%, beating estimates of 4.6% and reflecting the strongest growth in 11 months. In contrast, U.S. MBA mortgage applications fell by 2.5% in the week ending May 29.
In corporate news, earnings reports were generally positive as 84% of S&P 500 companies that reported beat estimates, projecting a 12% year-over-year earnings increase for Q1. Chipmaker Marvell Technology led gains with a 3% rise following a 32% surge the day prior, driven by Nvidia CEO’s valuation predictions.
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