Market Snapshot for Monday 6/2/2025
- S&P 500 – 5,935.94 (+0.41%)
- Dow Jones Industrial Average – 42,305.48 (+0.08%)
- NASDAQ – 19,242.61 (+0.67%)
Market Performance
Stocks cruised higher on Monday as investors shrugged off tariff tension. Energy and technology stocks led to the upside. Bond yields rose, with the 10-year Treasury yield at 4.44%. In international markets, Asia and Europe finished mostly down.
Economic Takeaways –
- The U.S. dollar declined against major international currencies. The US Dollar sank towards this spring’s 3-year lows amid fast-worsening tensions over the Trump White House’s trade policies.
- In commodity markets, WTI oil traded higher following the OPEC+ decision over the weekend to hold output steady.
- The final S&P U.S. Manufacturing Purchasing Managers Index (PMI) for May rose to 52.0, above estimates pointing to 50.8.
- The Institute for Supply Management (ISM) Manufacturing PMI for May declined modestly to 48.5, below forecasts for a rise to 49.5.
Gold –
- Gold climbed to over a 3-week high as dollar weakens, geopolitical and trade tensions mount. The precious metal surged as much as 2.0% on Monday.
Oil –
- Oil surged after OPEC+ plans a smaller output hike than expected. Crude oil futures jumped on Monday after OPEC+ decided to hike output in July at a lower rate than traders had feared.
- “The worst of the fears was laid to rest,” said Keshav Lohiya, founder of consultant Oilytics. “Brent shorts are now at the highest level in 2025, which makes sense given the bearish headlines coming out of OPEC. However, this is creating a recipe for a spike if spot healthy market fundamentals continue to roll on.”
Bitcoin –
- Bitcoin is hovering a little under $106,000.
Fresh Economic Data Rolled in on Monday
Manufacturing activity contracted further in May and imports hit their lowest level since 2009.
The Institute for Supply Management’s (ISM) manufacturing PMI registered a reading of 48.5 in May, up from April’s reading of 48.7. Readings above 50 for this index indicate an expansion in activity, while readings below 50 indicate contraction. The manufacturing sector has been in contraction for most of the past two years.
The import index tumbled to a reading of 39.9, its lowest level since 2009.
“Imports continue to contract as demand has reduced the need to maintain import levels from previous months, as well as due to the impact of tariff pricing,” Susan Spence, chair of the ISM Manufacturing Business Survey Committee, said in the release.
A reading on manufacturing activity from S&P Global registered a reading of 52, up from a prior reading of 50.2. But S&P global chief business economist Chris Williamson wrote in the release the headline data “masks worrying developments under the hood” of the US manufacturing sector.
“While growth of new orders picked up and suppliers were reportedly busier as companies built up their inventory levels at an unprecedented rate, the common theme was a temporary surge in demand as manufacturers and their customers worry about supply issues and rising prices,” Williamson wrote.
What to Expect in the Markets
Trade tension and tariff uncertainty could lead to a volatile market.
- China officials refuted claims by President Trump that it had violated the trade deal between the two countries. They alleged that the U.S. had breached trade terms.
- President Trump announced plans to double tariffs on steel and aluminum to 50%, effective June 4.
- The European Union vowed to respond to steel and aluminum tariffs, if implemented.
- A U.S. Court of Appeals hearing is scheduled for June 9 to consider a U.S. trade-court ruling that President Trump does not have authority to impose a 10% global baseline tariff and 20% fentanyl duty on China based on the International Emergency Economic Powers Act.
Top Gainers
Several stocks experienced significant gains. Some of the top gainers included:
- Vera Therapeutics, Inc. (VERA) soared 67.49%
- Applied Digital Corporation (APLD) soared by 48.46%
- Kymera Therapeutics, Inc. (KYMR) exploded 45.51%
- iQSTEL, Inc. (IQST) surged 35.30%
- Blueprint Medicines Corp. (BPMC) rose 26.09%
- Cleveland-Cliffs, Inc. (CLF) moved up 23.16%
- BioNTech SE (BNTX) jumped 18.05%
- Tempus AI, Inc. (TEM) spiked 15.02%
- Apellis Pharmaceuticals (APLS) moved up 13.05%
- Fortuna Mining Corp. (FSM) surged 12.14%
Top Losers
The top US stock losers today, based on percentage change included:
- Regencell Biosciences (RGC) moved lower 14.71%
- Science Applications, Inc. (SAIC) moved lower 13.26%
- Pony AI, Inc. (PONY) sank 9.40%
- Oatly Group AB (OTLY) fell 7.95%
- Concept Therapeutics, Inc. (CORT) moved down 7.58%
- RH (RH) moved lower 7.54%
- Peloton Interactive, Inc. (PTON) sank 7.04%
- Herc Holdings, Inc. (HRI) dragged 6.63%
- Amentum Holdings, Inc. (AMTM) moved down 6.49%
- UiPath, Inc. (PATH) slumped 6.16%
Notables
- Ford (F) and General Motors (GM) stock were both down about 5% on Monday as investors digested President Trump’s latest tariff threat.
- BioNTech (BNTX) stock popped 12% on news of a new cancer drug acquisition. Bristol Myers Squibb (BMY) announced it will pay the German biotech company $11.1 billion to license a next-generation cancer drugas it looks to compete with Merck (MRK) and its drug Keytruda.
- Moderna (MRNA) stock added more than 3% in premarket trading after the FDA approved its COVID-19 vaccine for individuals 65 and older and those ages 12-64 with an underlying condition.
- Blueprint Medicines (BPMC) soared 26% after Sanofi (SNY) agreed to acquire the company for as much as $9.5 billion in a deal expected to close in the third quarter. The acquisition adds Blueprint’s Ayvakit drug to Sanofi’s portfolio, boosting its rare immunology profile. Sanofi stock edged lower.
- Shares of US steelmaker Cleveland-Cliffs (CLF) soared as much as 26% in premarket trading Monday while foreign steel stocks went lower.
- Tesla’s (TSLA) sales in Norway soared over 200% in May.
What to Watch:
Nearly all the S&P 500 companies finished reporting. Tomorrow CrowdStrike (CRWD), Asana (ASAN), and Hewlett Packard Enterprise (HPE) will issue their reports.
The Job Openings and Labor Turnover Survey (JOLTS) is scheduled for release on tomorrow as well, followed by ADP employment figures on Wednesday, and, most notably, the May non-farm payrolls on Friday.
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