Register to get unlimited Level 2

US open: Stocks trade mixed after softer than expected services sector report

By Alexander Bueso

Date: Monday 05 Jun 2023

US open: Stocks trade mixed after softer than expected services sector report

(Sharecast News) - Wall Street's main equity gauges were trading slightly mixed early in the session following the release of weaker than expected readings for the US services sector.
At 1532 BST, the Dow Jones Industrial Average was drifting down by 0.18% to 33,700.02, while the S&P 500 was ahead by 0.06% at 4,284.55 and the Nasdaq Composite by 0.07% to 13,250.62.

Stocks had jumped during the previous session on the back of data showing that the US economy created 339,000 jobs in May.

In equity markets, Circor International shares surged 50% after the machinery maker agreed to be bought by investment firm KKR in a $1.6bn deal.

Elsewhere, cybersecurity firm Palo Alto rallied on expectations it will replace Dish Network in the S&P 500. The latter slipped lower.

The Institute for Supply Management's services sector Purchasing Managers' Index retreated from April's reading of 51.9 to 50.3 for May.

That compared to a consensus forecast of 52.

In parallel, S&P Global's services sector Purchasing Managers' Index rose from 53.6 for April to 54.9 in May.

Last month's print was nevertheless slightly below a preliminary reading 55.1.

West Texas Intermediate crude oil futures gained 0.7% to $72.44 a barrel after Saudi Arabia announced over the weekend that it would cut its oil production by 1.0m barrels per day next month and do "whatever is necessary" to lift prices Saudi.



..

Email this article to a friend

or share it with one of these popular networks:


Top of Page