Dow Stumbles to Start June; Nvidia Props Up Tech

Gold rose on the heels of falling U.S. dollar and Treasury yields

Managing Editor
Jun 3, 2024 at 4:24 PM
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The Dow's Friday gains were short-lived, as June was ushered in with lackluster manufacturing data, suggesting the health of the economy may be underperforming. The Dow shed 115 points but pared its session lows of more than 400 points, while the S&P 500 searched for direction most of the day. The Nasdaq eked out a modest gain, propped up by chip leader Nvidia's (NVDA) deeper forays into the artificial intelligence (AI) space.

Continue reading for more on today's market, including:

  • This is the perfect casino stock for bear traders.
  • 25 best stocks to own in June.
  • Plus, GameStop in the spotlight; Best Buy double upgraded; and SAM buyout buzz.

Closing Indexes Summary June 3

NYSE and Nasdaq Stats June 3

5 Things to Know Today

  1. Antonio Filosa, CEO of Jeep, shared the company's lofty expectations for future electric vehicle (EV) sales. (CNBC)
  2. Major housing markets are seeing an uptick in listings. (MarketWatch)
  3. GameStop stock went for another ride today.
  4. Double upgrade boosts Best Buy stock.
  5. Buyout rumors sour Boston Beer stock .

There were no earnings of note.

Unusual Options Activity June 3

OPEC+ Meeting Sends Oil Lower

Following the highly anticipated Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting, the group agreed to extend supply cuts into 2025 and then plan to fade them out. For the day, July-dated West Intermediate (WTI) crude lost $2.77 or 3.6%, at $74.22 a barrel for the day.

On the back of confirmation of impending rate cuts, which sank the U.S. dollar and Treasury yields, gold futures rose for Monday's session. June-dated gold finished up around 1% at $2,368.60.

 

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