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HomeNewsOther NewsStock Market News Today, 6/01/23 – Stock Rise; Manufacturing PMI Contracts

Stock Market News Today, 6/01/23 – Stock Rise; Manufacturing PMI Contracts

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Last updated: 11:08AM EST

Stocks are in the green so far in today’s trading session. As of 11:08 a.m. EST, the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up 0.5%, 0.4%, and 0.1%, respectively.

Earlier today, the Institute for Supply Management released its monthly report for the ISM Manufacturing Purchasing Managers’ Index, which measures the month-over-month change in production levels. A number over 50 represents an expansion, whereas anything below 50 means a contraction. The report came in at 46.9, which was lower than the expected 47.

This indicator is also lower than last month’s reading of 47.1. As a result, it’s in an overall decline and has been slowly downtrending ever since its peak in April 2021, when it hit a high of 64.7. Indeed, this is the seventh consecutive month where manufacturing has contracted.

Last updated: 9:30AM EST

The Nasdaq 100 (NDX) was up by 0.02% while the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by 0.05%, and 0.5%, respectively, at 9:30 a.m., EST, June 1.

The labor productivity data came in on Thursday and it indicated that labor productivity dropped by a revised 2.1% annual rate in Q1. Over the past year, productivity has fallen by a revised 0.8% and the annual rate has been in the negative territory for the past five straight quarters. Hours worked went up by 2.6% on an annual basis (after revision) while unit labor costs were revised to a 4.2% rate versus the initial estimate of 6.3%,

The jobless claims data released on Thursday indicated that jobless claims in the week ending May 27 went up by 2,000 to 232,000, hitting a one-month high but there is no indication of major layoffs and businesses are still hiring.

First published: 4:59AM EST

U.S. stock futures are trending higher on Thursday morning, as the U.S. House of Representatives finally passed the bill to raise the debt ceiling to avoid a default. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.05%, 0.21%, and 0.08%, respectively, at 4.59 a.m., EST, June 1.

The bill now heads to the Senate for a vote later this week before it reaches President Joe Biden to be signed into law. Once the bill is approved, traders will likely shift their focus to the Federal Reserve’s June 13-14 policy meeting.

Stock indices closed lower on Wednesday due to concerns over the federal debt ceiling and unexpectedly strong labor market data that reignited concerns about continued rate hikes by the Fed.

In contrast to some Fed officials like Philadelphia Fed President Patrick Harker, who are suggesting a rate-hike pause, President of the Federal Reserve Bank of Cleveland Loretta Mester thinks that there is no “compelling” reason to halt rate hikes if economic data indicates that more needs to be done to bring inflation under control.  

Stocks in focus on Thursday include software company Salesforce (CRM) and cybersecurity companies CrowdStrike (CRWD) and Okta (OKTA), which reported their first-quarter results in Wednesday’s after-hours. Okta failed to impress investors despite upbeat earnings. Meanwhile, upscale department store chain Nordstrom pleased the market with a surprise fiscal first-quarter profit. Chip giant Broadcom (AVGO) is scheduled to announce its fiscal second-quarter results after the market closes on Thursday.  

Coming to Thursday’s key economic releases, investors will pay attention to the weekly jobless claims report, ADP Employment Change report, and the ISM Manufacturing Purchasing Managers Index (PMI) reading.  

Meanwhile, European indices are trading higher this morning in reaction to the favorable developments on the U.S. debt ceiling front.  

Asia-Pacific Markets Mixed on Thursday

Asia-Pacific indices were mixed after the U.S. House passed the Fiscal Responsibility Act. Also, concerns about the post-pandemic recovery in China continue to influence investor sentiment.

Hong Kong’s Hang Seng index fell 0.10% on Thursday. China’s Shanghai Composite Index was essentially flat, while the Shenzhen Component Index ended the day with a gain of 0.39%.  

At the same time, Japan’s Nikkei and Topix indices rose 0.84% and 0.88%, respectively.

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