The Dow’s Friday gains were short-lived, as June was ushered in with lackluster manufacturing data, suggesting the health of the economy may be underperforming. The Dow shed 115 points but pared its session lows of more than 400 points, while the S&P 500 searched for direction most of the day. The Nasdaq eked out a modest gain, propped up by chip leader Nvidia’s (NVDA) deeper forays into the artificial intelligence (AI) space.
OPEC+ MEETING SENDS OIL LOWER
Following the highly anticipated Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting, the group agreed to extend supply cuts into 2025 and then plan to fade them out. For the day, July-dated West Intermediate (WTI) crude lost $2.77 or 3.6%, at $74.22 a barrel for the day.On the back of confirmation of impending rate cuts, which sank the U.S. dollar and Treasury yields, gold futures rose for Monday’s session. June-dated gold finished up around 1% at $2,368.60.More By This Author:Stocks Scattered Despite Resolved NYSE Technical IssueWall Street Loses The Week, Wins The Month Stocks Head For Weekly Losses, Monthly Wins
