U.S. Stocks Regain Losses with Positive Start for June

U.S. market indexes were higher on Wednesday for a positive start to trading in June. On Wednesday, the Dow Jones Industrial Average closed at 17789.67 for a gain of 2.47 points or 0.01 percent. The S&P 500 Index was also higher at 2099.33 for a gain of 2.37 points or 0.11 percent. The Nasdaq Composite gained 4.20 points or 0.08 percent to close higher at 4952.25. The VIX Volatility Index was slightly higher for the day with an increase of 0.16 points or 1.13 percent to close at 14.35.

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Source: DJIA, S&P 500 and Nasdaq Composite. Google Finance.

Wednesday’s Market Movers

Three main economic reports influenced the day’s trading on Wednesday. The PMI Manufacturing Index was reported at a level of 50.7 which was above consensus of 50.5. The ISM Manufacturing Index level was reported at 51.3 which was also above consensus of 50.6. The Fed’s Beige Book was reported on Wednesday and showed that the overall economy appears weaker with growth categorized as modest. Stocks were mostly higher as most traders are factoring in a rate increase later in the year at the Federal Reserve’s September meeting.

Stocks actively trading higher for the day included Bank of America and Pfizer. Stocks actively trading lower included Ford, Apple, Nike, General Motors and Microsoft.

Michael Kors and Lands’ End reporting earnings for the day. Michael Kors reported positive earnings results and the stock price was higher by 6.60 percent for the day. Lands’ End reported earnings results that missed estimates for both revenue and earnings and the stock was lower for the day with a loss of 5.72 percent.

In the Dow Jones Industrial Average, DuPont and Procter and Gamble led gains. In the broader market nearly all sectors were higher for the day led by consumer staples and healthcare.

Technology stocks were mixed for the day. The Nasdaq Composite gained 4.20 points or 0.08 percent to close higher at 4952.25. The Nasdaq 100 closed at 4,520.07 for a loss of -3.83 points or -0.08 percent. In the Nasdaq 100, Tesla and Amazon led losses.

In commodities, gold traded lower as evidenced by the SPDR Gold Trust which reported a loss of -0.10 points or -0.09 percent. The dollar was lower for the day as the U.S. Dollar Index was down -0.37 points or -0.39 percent to close at 95.43.

Small-Cap Stocks

In small-caps, the Russell 2000 closed higher at 1163.04 for a gain of 8.25 points or 0.71 percent. The S&P 600 closed at 710.11 for a gain of 4.97 points or 0.70 percent. The Dow Jones Small-Cap Growth TSM Index closed at 7148.74 for a gain of 55.55 points or 0.78 percent. The Dow Jones Small-Cap Value TSM closed at 8328.39 for a gain of 31.97 points or 0.39 percent.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index which closed at 1498.52 for a gain of 5.47 points or 0.37 percent; the Russell 3000 which closed at 1238.56 for a gain of 2.34 points or 0.19 percent; and the Dow Jones U.S. Select Dividend Index which closed at 593.40 for a gain of 1.67 points or 0.28 percent.