Monday, June 2, 2025
Markets closed flat-to-up on this first trading day of the last month of calendar Q2. The Dow, which had collapsed -416 points at session lows, finished +35 points, +0.08%. The S&P 500 rose +24 points, +0.41%, while the Nasdaq outperformed the field: +128 points, +0.67%. The small-cap Russell 2000 rose +0.19% on the day.
Countering recent trade tensions — specifically, the raised tariff on steel and aluminum to +50% announced by President Trump late Friday — were a renewed interest in the AI trade once again supported tech stocks, while oil companies caught a bid on $63 barrels of oil today. All in all, it was a quiet day for data, relatively: Jobs Week reports begin with the JOLTS numbers out Tuesday morning.
Manufacturing Final Reports Flat-to-Down
For the month of May,
S&P final Manufacturing PMI
and
ISM Manufacturing
reports showed a slight decline on the former and an in-line print on the latter. The S&P headline of 52.0 was 30 basis points (bps) below estimates, which were flat month over month. ISM came in at +48.5% — as expected and down 20 bps from the April headline, but still below the 50 threshold between growth and loss.
Construction Spending Remains Negative in April
Analysts had been expecting a rebound into positive
Construction Spending
for April, but at -0.4% this headline came 60 bps below estimates to +0.2%. This followed -0.8% print for March, which was the lowest we’ve seen since September of last year. It also marks the thirds negative month in the first four for 2025.
What to Expect from the Stock Market Tuesday
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