US Markets Gain As Industrial, Financial Stocks Advance

4 min read | May 28, 2021 08:37 AM AEST | By Team Kalkine Media

Google News:

US Markets Gain As Industrial, Financial Stocks Advance — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

Recent News

Codeifai Limited Announces $1.54 Million Capital Raise to Boost AI Dev...

Codeifai Limited Raises $770,000 via Share Placement to Advance AI and...

Bathurst Resources Shares Strategic Growth Plans at Noosa Mining Inves...

ARC Funds Limited Issues 500,000 Shares Under Section 708A of the Corp...

Make Kalkine Media
My Trusted Source

US stock markets saw significant gains on Thursday, May 27, after new economic data lifted investors’ spirits, with the S&P 500 gaining back over 80% of its losses since March 2020.

The S&P 500 was up 0.12% to 4,200.88. The Dow Jones Industrial Average rose 0.41% to 34,464.64. The NASDAQ Composite Index closed flat at 13,736.28, and the small-cap Russell 2000 ticked up 1.06% to 2,273.07.

Investors were upbeat after new labor market data showed that jobless claims fell to another record low, and separate economic data backed the earlier GDP projections of a 6.4% annual growth rate in the first quarter of 2021. Jobless claims, a proxy for layoffs, fell to 406,000 last week from 444,000 in the prior week, the Labor Department data showed.

Meanwhile, Senate Republicans have proposed US$928 billion in a new counteroffer to President Biden’s US$1.7 trillion infrastructure bill.

Global Market Round Up || US Markets Gain, FTSE 100 Nearly Reverses All Gains Of May

House Republicans and Democrats have been wrangling over the bill, central to President Biden’s economic reforms. It is still unclear whether they will settle their differences by the Memorial Day deadline set for the bill’s assent.

Energy major Royal Dutch Shell Plc said that it would appeal a Hague court’s order to cut its carbon emissions by 45% from the 2019 levels by 2030. Wednesday’s ruling may lead to significant disruption in its supplies in the coming months.

In other news from the corporate world, General Motors (GM) said it will restart the plants that have been laid idle due to the chip shortage. It said production of Chevrolet Equinox and GMC Terrain to resume from next week. The stock was up nearly 3% after the news.

Ford Motor Co. (F) also has said that the semiconductor shortage is likely to improve later this year. In April, the Michigan-based company said that it might cut production by half in the second quarter if the situation does not improve. The stock was up 7% on Thursday.

Also Read: 5 Food Stocks To Explore As COVID-19 Restrictions Ease

In stock market news, California-based fintech startup Acorns plans to go public through a SPAC merger with Pioneer Merger Corp. (PACX) in a US$2 billion deal. The merger to fetch Acorns around US$450 million. PACX stock was up 1.70% at the market close.

The industrial segment was among the top performers on the S&P 500 index. Boeing Co. (BA) and General Electric (GE) were the biggest gainers, with 3.87% and 7%, respectively.

Other gainers were financials, basic materials, and consumer cyclicals segments. Technology, utilities, and real estate segments pulled back.

Also Read: Twitter, Facebook, & SNAP: 3 Social Media Stocks On A Gaining Spree

Top Gainers

Top performers on S&P 500 included General Electric Co (7.09%), Ford Motor Co (7.05%), Invesco Ltd (5.25%), and Aptiv PLC (5.24%). On NASDAQ, top performers were Vertex Energy Inc (124.16%), Rezolute Inc (40.31%), Reviva Pharmaceuticals Holdings, Inc. (25.57%), and Abraxas Petroleum Corp (23.98%). On Dow Jones, Boeing Co (3.87%), Honeywell International Inc (3.12%), Walgreens Boots Alliance Inc (1.98%), and JPMorgan Chase & Co (1.56%) were the leaders.

Top Losers

Top laggards on S&P 500 included Dollar Tree Inc (-7.71%), eBay Inc (-3.14%), Pinnacle West Capital Corp (-2.53%), and Intuit Inc (-2.42%). On NASDAQ, EZGO Technologies Ltd (-19.57%), NextGen Healthcare Inc (-13.14%), Novan Inc (-12.51%), and Pintec Technology Holdings Ltd (-11.70%) were the losers. On Dow Jones, Procter & Gamble Co (-2.27%), Merck & Co Inc (-1.70%), Salesforce.Com Inc (-1.68%), Amgen Inc (-1.36%) were the laggards.

Volume Movers

Top volume movers were Ford Motor Co (43.34M), General Electric Co (38.18M), Apple Inc (32.91M), Coca-Cola Co (27.19M), Kinder Morgan Inc (24.92M), Bank of America Corp (23.04M), Cabot Oil & Gas Corp (20.57M), Cisco Systems Inc (20.46M), Wells Fargo & Co (19.24M), AT&T Inc (18.93M), Sundial Growers Inc (41.51M), Li Auto Inc (33.94M), Vertex Energy Inc (32.54M), Tellurian Inc (16.92M), and Host Hotels & Resorts Inc (16.43M).

Also Read: JP Morgan, J&J, & Berkshire Hathaway: 3 Hot Bluechip Stocks To Explore

Futures & Commodities

Gold futures were down 0.26% to US$1,896.30 per ounce. Silver slightly increased 0.25% to US$27.948 per ounce, while copper was up 3.06% to US$4.6680.

Brent oil futures dropped 0.06% US$69.20 per barrel and WTI crude was up 1.00% to US$66.87.

Bond Market

The 30-year Treasury bond yields were up 1.12% to 2.285, while the 10-year bond yields increased 2.26% to 1.610.

US Dollar Futures Index remained flat at US$90.002.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.