U.S. stocks started the week on a neutral note, with the S&P 500 and Nasdaq 100 indices hovering around the flatline by midday trading in New York. This comes after both indices reached fresh record highs last Friday.
Small-cap stocks outperformed their larger counterparts, with the iShares Russell 2000 ETF IWM gaining 0.8%. Meanwhile, blue-chip stocks of the Dow Jones index dipped slightly by 0.1%.
Across the Atlantic, French legislative elections concluded with a surprising victory for a left-wing bloc, though they failed to secure an absolute majority. This news led to a downturn in French stocks on the first trading day post-election, as investors worried about potential tax hikes on the wealthy and increased government spending amid already fragile national finances.
Consequently, the iShares MSCI France Index Fund EWQ dropped 1%, breaking a two-day winning streak.
In the bond market, Treasury yields remained stable, with the 10-year benchmark holding at 4.28%. Investors are keenly awaiting June’s inflation report, set to be released on Thursday.
In the commodities market, metals experienced significant declines, with gold, silver, and copper falling by 1.5%, 1.9%, and 1%, respectively, as the dollar slightly strengthened. Oil prices decreased by 1.2%, while natural gas rose 1.9% due to supply concerns linked to Hurricane Beryl.
Bitcoin BTC/USD traded flat at around 55,800 during a volatile session, with prices fluctuating between a low of 54,278 and a high of 58,200.
Read also:
Monday’s Performance In Major US Indices, ETFs
| Major Indices | Price | 1-day %chg |
| Russell 2000 | 2,040.34 | 0.7% |
| Nasdaq 100 | 20,403.94 | 0.1 % |
| S&P 500 | 5,565.48 | 0.0% |
| Dow Jones | 39,321.30 | -0.1% |
According to Benzinga Pro data:
- The SPDR S&P 500 ETF Trust SPY was unchanged at $554.69.
- The SPDR Dow Jones Industrial Average DIA was 0.1% lower to $393.40.
- The tech-heavy Invesco QQQ Trust (ARCA: QQQ) was steady at $496.40.
- Sector-wise, the Utilities Select Sector SPDR Fund XLU outperformed, up by 0.4%, while the Communication Services Select Sector SPDR Fund XLC lagged, falling 0.8%.
Monday’s Stock Movers
- Shares of R1 RCM Inc. RCM are rallying due to the prospect of a bidding war between its largest shareholder TCP-ASC and private-equity firm New Mountain Capital.
- Corning GLW rose 11% on Monday after the company raised its Q2 core sales guidance to $3.6 billion, citing strong adoption of new optical connectivity products for generative intelligence.
- Shares of Paramount Global PARAA increased by 4.6% to $21.41 following the announcement of a $28 billion merger deal with Skydance Media to create a new entity, “New Paramount.”
- Intel Corp. INTC rallied 4.8%, eyeing its strongest performing session thus far this year, after the company opted out of a significant investment project in Vietnam, citing a lack of sufficient investment incentives.
- Under Armour Inc. UAA rallied 6.1%, on track for the strongest 1-day performance since November 2023.
- SolarEdge Technologies Inc. SEDG rallied 11.3% after Bank of America upgraded the company from Undeperform to Neutral.
- Morphic Holding Inc.‘s MORF shares skyrocketed 75% after Eli Lilly pledged to buy the company in an all-cash deal valued at $3.2 billion.
- HilleVax Inc. HLVX plummeted over 80% after the company said it will cease the production of its vaccine candidate for infants.
Read Next:
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
