Debt ceiling negotiations are in focus
Stocks settled modestly higher on Monday, with the Dow snapping a five-day losing streak, as investors monitored U.S. debt ceiling talks. Treasury Secretary Janet Yellen stated she was told regulators had "found some areas of agreement" in their negotiations. The Empire State Manufacturing survey kept optimism in check, though, after showing a bigger-than-expected drop in New York manufacturing activity for May.
Continue reading for more on today's market, including:
- Beat-and-raise boosts Monday.com stock.
- Why options traders love this tech behemoth.
- Plus, 2 stocks enjoying bull notes; SCHW draws analyst praise; and precious metal stock could keep shining.
Things to Know Today
- European Union (EU) regulators gave Microsoft’s (MSFT) proposed $69 billion acquisition of gaming concern Activision Blizzard (ATVI) the green light. (CNBC)
- Blue chip 3M (MMM) fired Michael Vale, its group president and chief business and country officer, due to “inappropriate personal conduct and violation of company policy."(MarketWatch)
- Analyst upgrades pushed these 2 stocks higher.
- Charles Schwab stock bucking banking sector rut.
- Bull signal says precious metal stock has room to run.
There were no notable earnings reports today.
Gold, Oil Gain Amid Debt Ceiling Speculation
Oil prices snapped a three-day losing streak on Monday, as investors demonstrated optimism over a U.S. debt ceiling deal. A potential crude buyback for the U.S. Strategic Petroleum Reserve also provided tailwinds. June-dated crude added $1.07, or 1.5%, to close at $70.04 per barrel.
Gold prices settled higher as well, with many traders also expecting the U.S. debt ceiling talks to face challenges. June-dated gold rose $2.90, or 0.1%, to close at $2,022.70 an ounce.