The major market averages were higher on Monday, as the markets entered the second half of the year after an encouraging H1.
Early on and the S&P 500 (SP500) was +0.1%, the Dow (DJI) was +0.5%, and the Nasdaq Composite (COMP:IND) was near even.
The 10-year Treasury yield (US10Y) up 4 basis at 4.44%. The 2-year yield (US2Y) rose 1 basis point to 4.76%. See how Treasury yields have done across the curve at the Seeking Alpha bond page.
U.S. stocks on Friday were not able to hold on to new intraday highs, steadily shedding their gains to eventually end lower. However, Wall Street’s benchmark S&P 500 (SP500) closed out the first six months of 2024 with a 14% advance.
The markets had initially rallied on Friday after a core measure of a key inflation gauge logged its lowest Y/Y increase in over three years.
“On the plus side, Q2 saw equities continue to advance, and the S&P 500 hit many more fresh new highs thanks to further gains for the Magnificent 7. But the gains remained narrow, with the equal-weighted S&P 500 actually losing ground in Q2,” Deutsche Bank’s Jim Reid said.
In the holiday-shortened week, traders will be eyeing the June jobs report, which is due on Friday.
“In terms of this week, it will be quite a busy one considering it is a U.S. holiday. Thursday is Independence Day, which means Friday will likely see a skeleton staffing for the latest employment report with the all-important payrolls number,” Reid added.
On the economic front today, U.S. PMI Manufacturing inched up less than expected in June. The U.S. PMI Manufacturing Index crept up to 51.6 in June, falling slightly short of the 51.7 consensus level.
Moreover, the ISM Manufacturing PMI slipped further into contraction terrain in June as it edged down to 48.5.