Protests and relations with China do little to dash investor's hopes regarding U.S. economy
Despite an uprising in social turmoil in the U.S., stocks marked the first day of June with gains. The Dow closed up 91 points, while the S&P 500 and Nasdaq marked closes modestly in the black. Despite relations with China on the brink of collapse, investors in the U.S. are still optimistic as the economy continues to reopen. Wall Street is paying close attention to political rhetoric, however, after earlier U.S. President Donald Trump was criticized by two governors during a national conference call toward his "dangerous" and "inflammatory" handling of the death of George Floyd.
Continue reading for more on today's market, including:
- Bears ravage Twitter stock amid Trump tensions.
- ZNGA hits 8-year high on billion-dollar deal.
- Plus, Google postpones latest reveal; COTY gets a new CEO; and UAL reintroduces international flights.
The Dow Jones Industrial Average (DJI - 25,475.02) added 91.91 points, or 0.4% for the day. Boeing (BA) led the charge with a 3.8% pop, while Pfizer (PFE) paced the losers on a 7.1% slide.
The S&P 500 Index (SPX - 3,055.73) ended 11.42 points, or 0.4% higher, and the Nasdaq Composite (IXIC - 9,552.05) tacked on 62.2 points,
or 0.7%.
Meanwhile, the Cboe Volatility Index (VIX - 28.23) rose 0.72 points, or 2.6%.
5 Items on Our Radar Today
- Despite the economic downturn brought on by the coronavirus pandemic, U.S. manufacturing activity just came off an 11-year low in May. However, data has made it clear that the current reopening won't offset the catastrophic unemployment count. (Reuters)
- The Markit Manufacturing Purchasing Index (PMI) revealed that manufacturing activity in China expanded in the month of May. Despite analysts expecting the May PMI number to come in at 49.6, reading showed 50.7, suggesting that production recovered faster than expected. (MarketWatch)
- Google is postponing its latest Android reveal.
- This cosmetics company just named its fourth CEO in three years.
- United Airlines stock just soared after introducing international flights back to its network.
There were no earnings of note today.
Data courtesy of Trade-Alert
Oil Drops on Rising U.S.-China Tensions
As tensions between the U.S. and China weighed, oil futures pulled back. Oil for July delivery lost 5 cents, or 0.1%, to settle at $34.44 per barrel.
On the other hand, gold marked gains after the dollar dropped to its lowest level since mid-March and U.S-China tensions increased. Gold for August delivery fell $1.40, or 0.08%, to settle at $1,750.30 per ounce.