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Written by Ankika Biswas and Lisa Pauline Matkal
(Reuters) – Giant stocks lifted the tech-heavy Nasdaq index in choppy trading on Monday, while the Dow Jones and Dow Jones Industrial Averages remained roughly flat, with focus turning to labor market data scheduled for later in the week for clues about the timing of price cuts. interest this year. .
Shares of Apple (NASDAQ:), Microsoft (NASDAQ:) and Amazon (NASDAQ:) rose by rates ranging between 1.2% and 2.1%, and were the biggest supporters of the Nasdaq index.
Semiconductor stocks such as Advanced Micro Devices (NASDAQ:), arm Micron Technology (NASDAQ:MIC), Micron Holdings (NASDAQ:MIC), and Micron Technology (NASDAQ:MIC) fell between 1% and 4%, sending the stock to its lowest level in nearly a week.
Real estate stocks, also seen as a proxy for bonds, fell 1.5%. As U.S. Treasury yields hit multi-week highs, the S&P 500 bank index jumped to its highest level in more than a month. C. B. Morgan Chase (NYSE:) shares reached all-time highs.
With the stock market closed on Thursday for US Independence Day, trading is expected to be volatile with low volumes during the week.
Manufacturing contracted for a third straight month in June, while prices paid fell to a six-month low in an encouraging sign for the U.S. Federal Reserve’s battle with inflation, the Institute for Supply Management’s manufacturing purchasing managers’ index (PMI) data showed.
“While the manufacturing sector is contracting, the rest of the economy is doing well,” said Bill Adams, chief economist at Comerica Bank. “The Fed wants to keep the economy running at a slow pace in the near term. The bank will see continued weakness in the manufacturing sector as contributing to its goal of reducing Inflation.
Traders are holding on to their bets on two interest rate cuts this year, starting in September, LSEG FedWatch showed.
Also due this week are JOLTS jobs data on Tuesday, ADP employment, factory orders, ISM services PMI data and minutes of the Federal Reserve’s latest policy meeting on Wednesday. Nonfarm payrolls data is due on Friday.
New York Fed President John Williams indicated that he still believes price pressures are easing to the 2% target level.
At 11:58 a.m. ET, the index was up 35.06 points, or 0.09%, at 39,153.92, the S&P 500 was up 2.47 points, or 0.05%, at 5,462.95, and the Dow Jones Industrial Average was up 61.29 points, or 0.35%, at 17,793.89.
The Nasdaq and S&P 500 notched their third quarterly gains on Friday, with the tech-heavy index doing so for the first time in three years. But the Dow’s quarterly decline has raised concerns about the need for greater diversification in investors’ holdings.
Shares of Spirit AeroSystems Inc. (NYSE:) rose 3.4% after it struck a deal with Boeing Co. (NYSE:) to buy back the aircraft-building supplier for $4.7 billion in stock. Boeing shares rose 3%.
Chewy (NYSE:) stock fell 6.1%, reversing sharp early gains, after stock influencer Keith Gill, also known as “Roaring Kitty,” disclosed a 6.6% stake in the pet products retailer.
Declining issues outnumbered advancing ones by a ratio of 2.19 to 1 on the NYSE and by a ratio of 1.72 to 1 on the Nasdaq.
The S&P recorded nine new 52-week highs and three new lows, while the Nasdaq recorded 31 new highs and 92 new lows.
