Stocks closed higher on Monday as investors shrugged off global trade tensions, with the S&P 500 and Nasdaq Composite leading the gains. The Dow Jones Industrial Average also edged higher, marking a positive start to June after a strong performance in May. The tech sector saw notable activity, with Meta Platforms climbing following news of its AI-driven advertising service launch. Chipmakers like Nvidia and Broadcom also recorded gains, while steel stocks surged after President Trump announced plans to double tariffs on steel imports.
Amidst the positive market sentiment, energy sector shares rose as crude oil prices surged following an OPEC+ decision to raise output. Mining stocks, particularly gold producers like Newmont Mining and Barrick Mining, also saw an uptick as investors sought safe-haven assets amidst equity market volatility. The 10-year Treasury note yield saw a slight increase, impacting borrowing costs, while the U.S. dollar index dipped.
Palantir Technologies hit a record high after reports of its expanding government contracts, indicating investor optimism in the AI sector. Sports betting stocks, however, slid as Illinois passed a new tax law affecting the industry. Applied Digital soared on a data center deal with CoreWeave, a company backed by Nvidia. The Magnificent Seven tech stocks performed well in May, with Apple and Tesla set for significant events this month.
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Moderna’s stock rose after the FDA approved its new COVID-19 vaccine, mNEXSPIKE. Conversely, Science Applications International Corp. saw a decline in its shares after reporting lower-than-expected earnings. BioNTech’s stock surged following a collaboration with Bristol Myers Squibb on a cancer drug. Looking ahead, major tech companies like Apple and Tesla are expected to make significant announcements, while Nike’s earnings report will provide insights into the impact of recent tariffs on its business.
U.S. steel stocks experienced a notable uptick after President Trump’s announcement of increased steel import tariffs. Despite futures pointing to a lower open for major indexes, market activity remains dynamic, influenced by a mix of geopolitical events, economic data, and corporate developments.
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