U.S. market indexes were higher on Wednesday.
For the first trading day of June, the Dow Jones Industrial Average gained 0.01%, the Standard & Poor's 500 Index gained 0.11% and the Nasdaq Composite gained 0.08%. The VIX Volatility Index was slightly higher for the day with an increase of 0.16 points or 1.13% to close at 14.35.
In the Dow Jones Industrial Average, DuPont (DD, Financial) led gains. Technology stocks were mixed for the day. The Nasdaq Composite was higher; however, the Nasdaq 100 closed at 4,520.07 for a loss of 3.83 points or 0.08%. In the Nasdaq 100, Tesla (TSLA, Financial) and Amazon (AMZN) led losses.
Economic reports influencing the day’s trading included auto sales, the PMI Manufacturing Index, the ISM Manufacturing Index and the Beige Book. May’s auto sales were 17.5 million, which was above consensus of 17.4 million. The PMI Manufacturing Index was reported at 50.7 which was above consensus of 50.5. The ISM Manufacturing Index was at 51.3 which was also above consensus of 50.6. The Fed’s Beige Book was reported on Wednesday and consensus showed an overall weaker economy with growth categorized as modest.
Stocks traded mostly higher for the day with minimal volatility as the Beige Book confirmed a slightly weaker economy, which likely indicates a slower pace of interest rate increases from the Federal Reserve. In a CNBC report, market specialists discussed the day’s activity and how it affects market trading for the next few weeks.
