US Markets End Week On High Note As Tech Stocks Roar Back

4 min read | June 05, 2021 07:29 AM AEST | By Sanjeeb Baruah

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US Markets End Week On High Note As Tech Stocks Roar Back — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

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Benchmark US indices closed the week on a high note on Friday, June 5, as all segments saw broad gains led by bluechip technology stocks and reassuring labor data helped shed investors’ concerns over the recent uncertainties in the markets.

The S&P 500 was up 0.88% to 4,229.89. The Dow Jones Industrial Average rose marginally by 0.52% to 34,756.39. The NASDAQ Composite Index gained 1.47% to 13,814.49. The small-cap Russell 2000 was ticked up 0.31% to 2,286.41.

Of the 11 major sectors on the S&P 500, eight were in the green zone, with the technology segment leading the rest at 1.95%. The communication segment rose 1.39%.

In a sign of modest progress in the job market, the Labor Department said on Friday that US businesses had created 559,000 new vacancies in May, further bringing down the unemployment rate from 6.1% in April to 5.8% now.

Global Market Round Up || Us Markets End Week On High Not; London Equities Traded Flat

The department had revised the April job figures to 278,000 from 785,000 in the prior month. Openings, mainly in the food, travel, and hospitality sectors, have increased over the past two months as the economy reopened.

In the corporate news, the General Electric Co (GE) has said it received government approval for the merger plan between its jet-leasing unit and Ireland-based AerCap (AER) in a US$30 billion deal announced in March. The deal is likely to be completed later this year.

Beyond Meat Inc. (BYND) announced on Friday that it appointed former Amazon veteran Phil Hardin as its new chief financial officer after its earlier CFO retired in May.

Facebook Inc. (FB) faces separate probes by Europe and Britain over allegations of unfair trade. Both sides have launched formal investigations into the charges. However, the news did not appear to impact the stock price, which was up 1.37%.

The social media giant also announced that it banned former US President Donald Trump for two years, starting January 7, 2021, - when it first barred him from using the platform after the Capitol Hill riots. On Friday, the company stated in a blog post that it would impose the maximum penalty to give a sense of finality to the open-ended ban.

Also Read: Biden bans US investments into 59 Chinese firms

Drugmaker Regeneron Pharmaceutical Inc. (REGN) said that it received an FDA authorization for a new covid drug administered through injection. The stock was trading flat. Biotechnology company Biogen Inc. (BIIB) rose 5.33%.

Meanwhile, shares of AMC Entertainment Inc. (AMC) continued their previous gains, rising about 1.5% in Friday’s session. The stock surged around 90% during the week.

Technology stocks DocuSign Inc. rose 18.74%, and MicroVision Inc. gained 10.57%. Microsoft Corp. (MSFT), Nvidia Corp. (NVDA), and Zoom Video Communications Inc. (ZM) added 2.19%, 3.35%, and 5.02%, respectively. Tesla Inc. (TSLA) jumped 4.33%.

Crypto exchange Coinbase Global Inc. (COIN) lost 2.01%, while Bitcoin declined 4.10%.

Also Read: What are the factors that influence global crude oil prices?

Top Gainers

Top performers on S&P 500 included Biogen Inc (4.99%), Tesla Inc (4.58%), IPG Photonics Corp (4.03%), Take-Two Interactive Software Inc (3.78%). On NASDAQ, top performers were American Superconductor Corp (37.46%), Windtree Therapeutics Inc (36.36%), Fuel Tech Inc (36.28%), SemiLEDs Corp (35.76%). On Dow Jones, Salesforce.Com Inc (2.88%), Microsoft Corp (2.07%), Intel Corp (2.01%), Apple Inc (1.90%) were the leaders.

Top Losers

Top laggards on S&P 500 included Organon & Co (-7.70%), Mosaic Co (-3.61%), American Airlines Group Inc (-2.53%), Martin Marietta Materials Inc (-2.17%). On NASDAQ, US Well Services Inc (-25.18%), Harpoon Therapeutics Inc (-24.26%), EuroDry Ltd (-16.57%), Sundial Growers Inc (-15.50%). On Dow Jones, Travelers Companies Inc (-0.62%), UnitedHealth Group Inc (-0.57%), Dow Inc (-0.34%), Nike Inc (-0.32%) were the laggards.

Volume Movers

Top volume movers were Ford Motor Co (20.12M), Apple Inc (17.33M), General Electric Co (9.15M), Microsoft Corp (8.29M), AT&T Inc (7.65M), Intel Corp (7.56M), Bank of America Corp (7.24M), Tesla Inc (5.57M), Sundial Growers Inc (30.48M), Naked Brand Group Ltd (25.68M), Windtree Therapeutics Inc (13.21M), Vinco Ventures Inc (12.42M), and MicroVision Inc (8.05M).

Also Read: General Motors Lifts H1 Outlook, Ford’s May Sales Up 4%

Futures & Commodities

Gold futures were up 1.11% to US$1,894.00 per ounce. Silver increased 1.62% to US$27.922 per ounce, while copper was up 1.19% to US$4.5160.

Brent oil futures slightly increased 0.45% US$71.63 per barrel and WTI crude was up 0.87% to US$69.41.

Bond Market

The 30-year Treasury bond yields were down 2.75% to 2.232, while the 10-year bond yields decreased 4.31% to 1.557.

US Dollar Futures Index decreased 0.41% to US$90.127.

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