Dow Jones Industrial Average (DIA) Live June 3: OECD Cuts US GDP Forecast, DIA Dives

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 The SPDR Dow Jones Industrial Average ETF Trust (DIA) (NYSEMKT: DIA) opened down 0.1% this morning after the Organisation for Economic Co-operation and Development lowered its growth outlook for the U.S. economy. According to OECD, the US economy that grew 2.8% in 2024 will slow to only 1.6% growth this year, then slow again to 1.5% in 2026.

Global growth forecasts are about twice as fast: 3.3% in 2025, and 2.9% in 2026 — so no wonder investors aren’t happy with the U.S. news!

At the same time, Constellation Energy (Nasdaq: CEG) investors are very happy today. The nuclear power utility just announced it has signed a 20-year deal to supply Meta (Nasdaq: META) with 1.1 gigawatts of nuclear energy annually for the latter’s artificial intelligence server farms. Constellation stock is up about 7% on the news.

Earnings

Investors in Dollar General (NYSE: DG) are another group that is happy today. Stock in the five-and-dime chain operator opened 10% higher after reporting earnings and sales beats this morning. Dollar General reported $1.78 per share in profit on $10.4 billion in Q1 sales, both higher than analysts had forecast.

Analyst Calls

Returning to bad news, Jefferies just downgraded miner Rio Tinto (NYSE: RIO) stock to hold on worries over “geopolitical factors, capital allocation and capex risks, strategic risks, and, at the margin, valuation.”

In other industrials news, Itau BBA downgraded Cemex (NYSE: CX) to market perform with a $7.50 price target.

In healthcare, Berenberg cut GlaxoSmithKline (NYSE: GSK) stock to hold, citing investor worries over “2028+ HIV patent expiry fears.”

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