Stay Informed and Stay Ahead: Market Watch, June 3rd, 2024.
Early-Week Wall Street Market Digest
Three Key Takeaways
+NASDAQ and S&P 500 up, DJIA declined. Healthcare/Tech outperform, Energy lags as Oil falls on OPEC+ announcement.
+Today’s S&P manufacturing PMI indicates expansion, surpassing expectations and boosting market sentiment.
+ GraniteShares 2x Long NVDA Daily ETF surged 9.61% with a 21.8M volume, showcasing Nvidia’s dominance in AI and its appeal as a growth asset.
Summary of Market Performance
Indices & Sectors Performance:
- Major indices, NASDAQ and S&P 500 up, DJIA declined.
- 6 of 11 sectors decreased: Healthcare/Tech outperform, Energy lags as Oil falls on OPEC+ announcement.
Chart: Performance of Major Indices and Sectors
Moving Average Analysis:
- On Friday US indices rose over 1% last week after a final 30-minute rally tied to MSCI rebalance flows. The S&P 500 finished May up 5%, recovering all April losses.
Economic Highlights:
- S&P manufacturing PMI exceeding expectations at 51.3, construction spending declining by 0.1%, and ISM manufacturing falling short at 48.7%.
NASDAQ Global Market Update:
- Nasdaq data today illustrates a relatively balanced stock market activity with a nearly equal number of advances and declines among the 4739 total stocks.
Treasury Markets:
- Following a stronger-than-expected S&P flash U.S. manufacturing PMI, bond yields decreased across most maturities, with the 30-year bond at 4.544% (-0.106), the 10-year note at 4.400% (-0.102), and the 1-month bill at 5.370% (+0.010).
Market Trends:
- High Dividend led, while Value, especially large caps, continues to gain ground.
Currency & Volatility:
- The US Dollar Index fell by 0.54%, CBOE Volatility rose by 1.47%, and the Fear & Greed Index stayed neutral.
Commodities & ETFs:
- Crude oil falls on OPEC+ announcement and gold futures declined, while Brent crude, natural gas, unleaded gasoline, and wheat futures rose; Bloomberg Commodity Index dropped by 1.02%.
- ETF’s, ProShares Ultra Bloomberg Natural Gas surged 15.24% on a 13.1M volume, while GraniteShares 2x Long NVDA Daily ETF climbed 9.61% with 21.8M volume.
Cryptocurrency Update:
- Bitcoin and Bitcoin Cash gained, while Ripple was gains 1.8%; Ethereum, ZCash, and Ethereum Classic saw slight declines.
Stocks:
- Affimed N.V. (AFMD) led with 30.8M volume and 68.5% increase, followed by Bio-Path Holdings Inc. (BPTH) with 56.8M volume and 56.8% increase.
Notable Earnings Today:
- Gitlab (GTLB) and Healthequity Inc (HQY) exceeded earnings expectations in an otherwise inactive day.
Global Markets Summary:
- Hang Seng +1.79% and Nikkei 225 +1.13%, making them the notable gainers.
In the NEWS:
Central Banking and Monetary Policy:
- Cost Pressures Cast Shadow Over Asia’s Fledgling Manufacturing Recovery – Wall Steet Journal
- ECB Rate Cut Will Be Rare Bright Spot in Troubled Euro Area – Bloomberg
Business:
- Logistics Operators Are Looking to Break the Sector’s IPO Logjam – Wall Street Journal
- Regulators Raid Toyota Offices Over Safety Scandal, Sending Stock Down – Bloomberg
China:
- China’s factory activity growth hits 2-year high in May, Caixin PMI shows, amid strong production and new orders – South China Morning Post
