Memes Come and Go, Market Holding Low | Herd on Wall Street
Morning mooers! It is Tuesday, June 4th. The market is open, lower after yet another meme injection from Roaring Kitty. My name is Kevin Travers, here are stories heard on a Wall Street today.
The largest climber on the S&P 500 and Nasdaq 100 was $Old Dominion Freight Line (ODFL.US)$, climbing 6%.
$Bath & Body Works (BBWI.US)$ was the highest decliner on the S&P, down 10% after the firm announced Q1 earnings, and projected a 2% drop in sales as guidance for Q2 and the year.
$Summit Therapeutics (SMMT.US)$ was one of the largest companies declining on the $Russell 2000 Index (.RUT.US)$, down 10% after an 8% climb monday followng approval in China for a cancer drug called ivonescimab.
$Logistic Properties Of The Americas (LPA.US)$ was still climbing, up 956% over the course of 5 days and currently paused for trading on a circuit breaker. The firm was listed on the NYSE May 30th.
In industries, 'Regional Banks' fell 2.55%, with $ICICI Bank (IBN.US)$, an Indian regional bank that fell 10%following the results of the countries general election.
$Crude Oil Futures(JUL4) (CLmain.US)$ fell by a a further 1% after an OPEC+ meeting Sunday where the cartel agreed to extend production cuts to the end of 2025.
Gold fell 1.28%, while Silver prices traded dramatically down 3.54%, following this mornings 'firmer' U.S. Dollar Index. Bitcoin climbed about 0.93%.
As a general recap, indexes and overall market fell Tuesday morning. Just after 11 AM EST, the $S&P 500 Index traded -0.35%, the $Dow Jones Industrial Average fell 0.14%, and the $Nasdaq Composite Index fell 0.34%.
By direction, 4100 equities climbed, while 7400 fell.
In macro this week, investors will watch for Initial jobless claims, non-farm payrolls, and unemployment data.
Monday, Economic activity in the manufacturing sector shrank in May for a second straight month as demand slowed, according to the Institute of Supply Management. The gauge for new orders fell, the production index slipped 1.1 percentage points. The ISM manufacturing purchasing managers' index (PMI) fell to 48.7, sinking deeper below the 50 level that delineates expansion and contraction.
Last week, the Personal Consumption Expenditure Index inflation gauge showed a slight month-to-month slowdown. Core prices climbed just 0.2% from March to April, while year-over-year changes came in at expectations, maintaining last month's 2.7% regular and 2.8% core price growth.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.78, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$fell to 4.35.
Users last time were worried Kitty's memes were a part of a major conspiracy, and the meme king would be blamed for the crash of the stock market.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Trytosaveabit : Thanks for the market update Sir Travers!
poem_view : I don't like this kind of retail stock.
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BEAR 33380 : Cons and scam
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