US Stock markets: S&P 500 rises to start the new month
Istanbul, June 3 (Hibya) - The S&P 500 rose Monday as investors tried to carry the market’s strong May momentum into the new month. Nvidia shares ticked more than 3.0 percent higher in the premarket after announcing a new suite of artificial intelligence chips, succeeding the previous model by just three months.
Wall Street is coming off an intense May, with all three major averages notching their sixth positive month in seven. The Nasdaq rose 6.9 percent, its best month since November 2023.
However, the rally seemed to lose steam near the end of the month. The three averages closed May more than 1 percent below their record highs, even with the Dow adding more than 500 points on Friday. The Nasdaq fell 1.1 percent last week as chip stocks, including Nvidia, stumbled.
“Despite the S&P 500 and NDX closing close to all-time highs on Friday, with technicals still stretched, little fear baked in, and sentiment looking optimistic, we’re sticking with our call for volatility to pick up over the summer,” Wolfe Research chief investment strategist Chris Senyek wrote on Monday.
The first week of June is brimming with economic updates, including manufacturing data on Monday and a key jobs report on Friday.
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