Live Nasdaq Composite: Tech, Steel Bright Spots in Tariff-Ridden Markets
Live Updates Live Coverage Updates appear automatically as they are published. Economic Data Could Move Markets 9:50 am by Gerelyn Terzo Manufacturing data is due out later this morning. Wells Fargo economists are looking for an improvement over the past couple of months but expect the factory sector is not out of the woods yet. On […] The post Live Nasdaq Composite: Tech, Steel Bright Spots in Tariff-Ridden Markets appeared first on 24/7 Wall St..
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Economic Data Could Move Markets
Manufacturing data is due out later this morning. Wells Fargo economists are looking for an improvement over the past couple of months but expect the factory sector is not out of the woods yet. On Friday, May’s all-important employment report will be released, offering the Fed the latest read on the health of the labor market. Wells Fargo economists expect the unemployment rate to continue to hover at 4.2% in May.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are kicking off the month of June as a mixed bag, with technology stocks moving higher while the S&P 500 and Dow Jones Industrial Average remain under pressure. Traders and investors are feeling tariff-war uncertainty after Washington, D.C. and Beijing blamed one another for breaking a tariff pause agreement, sending stocks lower. In response, Treasury yields moved higher, including a 2-basis-point jump in the 10-year Treasury yield to 4.4%.
With all the stock market volatility, it’s easy to overlook last month’s gains. In May, the tech-heavy Nasdaq Composite climbed over 9% higher while the S&P 500 and Dow Jones Industrial Average rose 6% and 4%, respectively. Technology stocks fueled the stock market recovery, including strong performances from Big Tech leaders like Nvidia (Nasdaq: NVDA) and Microsoft (Nasdaq: MSFT).
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 148.45 (-0.35%)
Nasdaq Composite: Up 47.80 (+0.20%)
S&P 500: Down 10.52 (-0.18%)
Market Movers
Steel stocks are a bright spot after President Trump revealed a doubling of tariffs on steel imports to 50%, benefiting U.S. steelmakers. Cleveland-Cliffs is soaring over 22%, Steel Dynamics (Nasdaq: STLD) is gaining 13.4%, and Nucor (NYSE: NUE) is up 11.7%. The steel stock rally is buoying the VanEck Steel ETF up by 3% today.
Shifting to the Dow Jones Industrial Average, analysts believe Dow component Boeing (NYSE: BA) has some tariff-related tailwinds that could benefit the stock. Bank of America upgraded BA shares to “buy” with a $260 price target, up from $185 previously. BofA analysts expect the Trump administration to harness Boeing’s jetliners as a negotiating tool in the trade deals. BA stock is gaining 1.7% today.
The post Live Nasdaq Composite: Tech, Steel Bright Spots in Tariff-Ridden Markets appeared first on 24/7 Wall St..
