Wall Street’s major market averages observed limited moves on Monday as investors and traders kick off the start to the second half of the 2024 trading year.
The blue-chip Dow (DJI) was near even, the benchmark S&P 500 (SP500) was flat, and the tech focused Nasdaq Composite (COMP:IND) was +0.3%.
From a sector point of view, three of the 11 S&P segments are higher, with Consumer Discretionary and Info Tech at the top of the leaderboard. At the same time, the worst performing sector on the session is Real Estate.
The Treasury market has watched yields shift up. The shorter end U.S. 2 Year Treasury yield (US2Y) advanced by 3 basis points to 4.78%. At the same time, the longer end U.S. 10 Year Treasury yield (US10Y) moved up by 7 basis points to 4.47%.
See how other yields trade across the entire yield curve here.
In the holiday-shortened week, traders will be eyeing the June jobs report, which is due on Friday.
“In terms of this week, it will be quite a busy one considering it is a U.S. holiday. Thursday is Independence Day, which means Friday will likely see a skeleton staffing for the latest employment report with the all-important payrolls number,” Deutsche Bank’s Jim Reid said.
On the economic front today, U.S. PMI Manufacturing inched up less than expected in June. The U.S. PMI Manufacturing Index crept up to 51.6 in June, falling slightly short of the 51.7 consensus level.
Moreover, the ISM Manufacturing PMI slipped further into contraction terrain in June as it edged down to 48.5.
With the second half of trading kicking off, many investors are watching the artificial intelligence theme. “We believe NASDAQ has another strong 2H ahead as tech stocks will be up 15% the rest of 2024 in our view with tech fundamentals set to accelerate as AI use cases materially expand,” analyst Dan Ives said.
In terms of stocks that are on the move, Chewy (CHWY) shares were down 5.2% shortly after market open, erasing early gains it witnessed after influential trader Keith Gill, known online as Roaring Kitty, disclosed a 6.6% stake in the pet food retailer.