February 1, 2023

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Stocks advance in upbeat start to June trading

2 min read

U.S stocks lost ground during the first trading session of June after stern comments from JPMorgan (JPM) boss Jamie Dimon warning of a “hurricane” bearing down on the U.S. economy.

The S&P 500 fell 0.7%, the Dow lost 0.5%, and the Nasdaq declined by 0.7% on Wednesday.

After rallying to start the trading session, the major averages slipped following solid readings on the U.S. manufacturing sector, which were shortly followed by Dimon’s comments at an investment conference.

Data from the Institute for Supply Management showed the U.S. manufacturing sector grew faster-than-expected in May, another signal that fears of an imminent downturn in the U.S. economy may be overblown.

JP Morgan CEO Jamie Dimon listens as he is introduced at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021. REUTERS/Brian Snyder

The April report on job openings from the BLS also showed a decline in the number of job openings, a data point the Federal Reserve is likely to view positively as it works to cool the labor market.

The biggest corporate headline of the day crossed at around 3:30 p.m. ET, when Meta Platforms (FB) announced COO Sheryl Sandberg would be stepping down from her position at the company. Sandberg, who joined Facebook in 2008, will stay on the company’s board after leaving the company in the fall.

Meta Platforms shares finished Wednesday’s trading session down 2.5%.

An upbeat earnings report from Salesforce (CRM) late Tuesday gave investor sentiment a boost early Wednesday after the software company raised its profit forecast and said it did not see any significant impact on operations from macroeconomic uncertainty.

The outlook was in contrast with some downbeat quarterly results from corporate peers that signaled struggles with rising costs and supply chain imbalances ahead.

“We’re just not seeing material impact on the broader economic world that all of you are in,” Salesforce Chief Executive Officer Marc Benioff said in an…

2022-06-01 16:03:19

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