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Stock Market News

Our market analysts keep you updated on the latest market trends including stock market data, news, market activity, and economic reports in the daily stock market commentary.

Opening Comment — Monday, June 17, 2024

DJIA: 38,589.16, down 57.94
S&P 500: 5,431.60, down 2.14
NASDAQ: 17,688.88, up 21.32

Stocks mixed as holiday-shortened week begins

Stock futures are mixed on Monday, as investors await this week’s economic releases including industrial production, retail sales, and preliminary purchasing managers’ indexes (PMIs). The Dow is falling 0.2%, while the S&P 500 is decreasing 0.1%. The Nasdaq 100 is up 0.2% relative to fair value on the GLOBEX.

U.S. equities were mixed on Friday, as investors evaluated the University of Michigan’s preliminary June survey of consumers, which showed an unexpected decrease in consumer sentiment and higher-than-expected inflation expectations. The Dow was down 0.2%, while the tech-heavy Nasdaq Composite rose 0.1%. The S&P 500 was little changed with three of 11 sectors finishing in positive territory. The Communication Services sector gained the most, rising 0.6%.

On the data front Friday, May’s Import Price Index decreased 0.4% month-over-month (MoM) versus the prior month’s increase of 0.9%. Meanwhile, May’s Export Price Index decreased 0.6% MoM versus the prior month’s revised increase of 0.6%. The preliminary reading of the University of Michigan Consumer Sentiment Index recorded 65.6 for June, down from the prior month’s reading of 69.1. Meanwhile, June’s preliminary readings for the University of Michigan’s one- and 5-10-year inflation expectations are 3.3% and 3.1%, respectively, unchanged and up from the prior month’s reading of 3.0%, respectively.

Across the pond, European stocks are mostly lower in mid-day trading as investors look forward to the ZEW’s expectations of economic growth and the final reading for the eurozone’s May Consumer Price Index (CPI).

Overnight in Asia, stocks were lower following China’s industrial production increasing less than expectations in May, while the country’s May retail sales increased more than projections

In FOREX trading, the dollar is little changed following Minneapolis Federal Reserve (Fed) President Neel Kashkari’s comments yesterday, which suggested that the Fed might not lower interest rates until December.

Over in the commodity pits, West Texas Intermediate (WTI) crude oil is 0.1% lower at $78.39/barrel following concerns of slowing U.S. demand, while China’s crude oil production increased in May.

In the metals complex, gold is 1.4% higher at $2331.40/ounce.

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