U.S. stocks started the week on a neutral note, with the S&P 500 and Nasdaq 100 indexes trading sideways as of midday trading in New York after both indexes hit new all-time highs last Friday.
Small-cap stocks outperformed larger ones, with the iShares Russell 2000 ETF (NYSE:IWM) rising 0.8%, while the Dow Jones index of blue-chip stocks was down slightly, 0.1%.
Across the Atlantic, France’s parliamentary elections ended with a surprise victory for the left, but without an absolute majority. The news sent French stocks falling on the first trading day after the election, as investors worried about higher taxes on the wealthy and increased government spending amid already fragile public finances.
As a result, the iShares MSCI France Index Fund (NYSE:EWQ) fell 1%, ending a two-day winning streak.
In the bond market, government bond yields are stable with the benchmark 10-year Treasury note rate hovering at 4.28% as investors eagerly await the June inflation report due to be released on Thursday.
In commodity markets, a slight strengthening of the dollar led to larger declines in metals prices, with gold, silver and copper down 1.5%, 1.9% and 1% respectively. Crude oil prices fell 1.2%, while natural gas prices rose 1.9% on supply concerns related to Hurricane Beryl.
Bitcoin (CRYPTO: BTC) traded sideways around 55,800 during a volatile session, with prices fluctuating between a low of 54,278 and a high of 58,200.
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Monday’s performance of major US stock indexes and ETFs
Major index price 1-day change Russell 2000 2,040.3 40.7% Nasdaq 100 20,403.9 40.1% S&P 500 5,565.4 80.0% Dow Jones 39,321.30 – 0.1% Updated 12:45 a.m. ET
According to data from Benzinga Pro:
The SPDR S&P 500 ETF Trust (NYSE:SPY) was unchanged at $554.69. The SPDR Dow Jones Industrial Average (NYSE:DIA) was down 0.1% to $393.40. The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was flat at $496.40. Among sectors, the Utilities Select Sector SPDR Fund (NYSE:XLU) outperformed, rising 0.4%, while the Communication Services Select Sector SPDR Fund (NYSE:XLC) outperformed, falling 0.8%.
Monday’s stock price movements
Shares of R1 RCM Inc. (NASDAQ:RCM) are rising on a possible takeover battle between largest shareholder TCP-ASC and private equity firm New Mountain Capital. Corning (NYSE:GLW) rose 11% on Monday after it raised its second-quarter core sales outlook to $3.6 billion, citing strong adoption of its new optical connectivity products for generative intelligence. Paramount Global (NASDAQ:PARAA) shares rose 4.6% to $21.41 after it announced a $28 billion merger deal with Skydance Media to create a new company called “New Paramount.” Intel (NASDAQ:INTC) rose 4.8% on the horizon as it looks to post its strongest trading performance so far this year after it walked away from a major investment project in Vietnam citing a lack of sufficient investment incentives. Under Armour (NYSE:UAA) rose 6.1%, on track to post its best one-day performance since November 2023. SolarEdge Technologies (NASDAQ:SEDG) rose 11.3% after Bank of America upgraded the company to Neutral from Undeperform. Morphic Holdings (NASDAQ:MORF) shares soared 75% after Eli Lilly committed to acquire the company in an all-cash deal worth $3.2 billion. Hillevax (NASDAQ:HLVX) plunged more than 80% after the company said it would stop production of its infant vaccine candidate.
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