Market Overview
Manufacturing data boosted hopes for rate cuts, but all three major US stock indexes briefly turned negative during the session. $S&P 500 Index(.SPX.US$ and $Nasdaq Composite Index(.IXIC.US$ narrowly avoided starting June with losses, while only $Dow Jones Industrial Average(.DJI.US$ finished lower. The chip index reversed its three-day losing streak with $NVIDIA(NVDA.US$ up nearly 5%, ending a two-day decline, while $Advanced Micro Devices(AMD.US$ fell 2%. $Apple(AAPL.US$ extended its winning streak to six days. $GameStop(GME.US$ initially surged 75% before closing up 21%.
Following the release of the ISM manufacturing index, US Treasury yields and gold surged, with the 10-year yield falling over 10 basis points to a nearly three-week low. The dollar index hit a more than seven-week low, and gold prices rose over 1% during the day, hitting new highs. The euro reached its highest level in over two months. Bitcoin briefly topped $70,000.
After the OPEC+ meeting, crude oil prices plummeted over 3%, marking the largest drop in nearly five months and a four-month low, with Brent crude falling below $80. LME copper rose 1%, ending a three-week low streak, while LME tin fell over 2%, extending its three-week decline.
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