NEW YORK: US stocks closed marginally higher on Monday (July 3) after a muted half-day of trading ahead of the July Fourth Independence Day holiday.
The lacklustre start to trading in the second half of the year followed a bumper first half buoyed by investor enthusiasm for companies involved in generative artificial intelligence, from chipmakers to software firms.
“Whenever you have a half day, you shouldn’t expect much activity in either direction – and that’s exactly what we got today,” Art Hogan from B. Riley Wealth Management told AFP.
“I think we’ll get back in the game on Wednesday,” he added.
The Dow Jones Industrial Average rose 10.87 points, or 0.03%, to 34,418.47; the S&P 500 gained 5.21 points, or 0.12%, at 4,455.59; and the Nasdaq Composite added 28.85 points, or 0.21%, at 13,816.77.
Earlier on Monday, new survey data indicated that the recent slump in US manufacturing deepened last month on the back of weak demand and slowing production.
The gloomy data from the Institute for Supply Management (ISM) marked a contrast from many other sectors of the US economy, which have shown signs of unexpected buoyancy in recent months.
“The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens,” ISM business survey committee chair Timothy Fiore said in a statement.
Among individual companies, electric vehicle maker Tesla's shares ended 6.9% higher after reporting better delivery numbers than expected.
Shares of major banks gained after the companies raised dividends as they sailed through the Federal Reserve’s annual health check. Wells Fargo shares rose 1.7%, Citigroup shares climbed 1.5%, while the S&P 500 banks index ended up 1.5%.
Trading volumes were lighter than average as the stock market closed at 1pm ET ahead of the July 4th Independence Day holiday on Tuesday.
“You have got a lot of people that are just not in the market today,” said Chuck Carlson, chief executive at Horizon Investment Services in Hammond, Indiana. “Nobody is really placing any big bets on either side of the market right now.
“You have a stronger market and the likelihood of a more sustained upside move when you have broader strength,“ he said. – AFP, Reuters
Source: The Sun Daily
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