Mixed US Stocks, Dow Down Over 100 Points, Oil Futures Plunge Over 3%

**Three major stock indices diverge, Nasdaq rises nearly 0.6%;

**U.S. Treasury yields drop significantly, benchmark 10-year U.S. Treasury falls below 4.40%;

**Nvidia surges nearly 5%, approaching historical highs.

On Monday, U.S. stocks showed mixed performance, with weak U.S. manufacturing data for May suppressing U.S. Treasury yields, and a plunge in oil prices weakening the energy sector. By the close, the Dow Jones Industrial Average (DJIA) fell 115.29 points, or 0.30%, to 38,571.03, the Nasdaq Composite rose 0.56% to 16,828.67, and the S&P 500 index gained 0.11% to 5,283.40.

The New York Stock Exchange (NYSE) experienced a glitch at the start of trading, and at least 60 listed stocks were halted due to volatility before resolving technical issues and resuming activities, including Berkshire Hathaway, owned by the "Oracle of Omaha" Warren Buffett. Ultimately, the NYSE and other UTP exchanges jointly decided to cancel erroneous trades related to Berkshire's CTA SIP quote issues.

Market Overview

On the individual stock front, Nvidia surged 4.9%, approaching historical highs. This came after CEO Jensen Huang revealed that the company's next-generation artificial intelligence chip platform is set to launch in 2026.

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Star tech stocks showed divergent trends, with Meta up 2.3%, Amazon up 1.1%, Apple up 0.9%, Google up 0.3%, and Microsoft down 0.4%. It was reported that Microsoft's Azure cloud computing division is planning to lay off hundreds of employees, while Tesla fell 1.0%.

GameStop rose 21%, with intraday gains exceeding 70%, after Keith Gill, known online as "Roaring Kitty" and a prominent retail investor, posted on the social platform Reddit over the weekend that he had purchased $116 million worth of GameStop shares, sparking a wave of跟风 buying. Towards the end of the trading day, it was reported that the U.S. Securities and Exchange Commission (SEC) is reviewing some bullish options trades for GameStop.

Paramount Global rose 7.5% amid reports that Skydance Media is preparing to take over the company.Chevron fell 3.0%, leading the Dow Jones Industrial Average components lower, as the company's Gorgon liquefied natural gas export facility in Australia experienced a malfunction.

Attention this week shifts to more key data, including service industry surveys, factory orders, and the highly anticipated non-farm employment report on Friday, which will provide investors with clues about the health of the U.S. economy and potential actions by the Federal Reserve.

The Institute for Supply Management (ISM) survey showed that the manufacturing index dropped to 48.7 in May, significantly below the expected 49.6, indicating that the economy may be cooling down. ISM Manufacturing Business Survey Committee Chairman Timothy Fiore stated, "Due to current monetary policy and other conditions, businesses show a reluctance to invest, and demand remains elusive. Meanwhile, the price index continues to expand, which is a new sign that inflation remains a stubborn concern for U.S. manufacturers."

Keith Lerner, co-chief investment officer at Truist Advisory Services, said, "When you look at the entire market, you will see that, relative to the persistent weakness of economic data, concerns about growth are causing the market to decline."

Following the weak manufacturing data, the benchmark 10-year U.S. Treasury yield plummeted 12 basis points to a two-week low of 4.39%, and the 2-year U.S. Treasury, closely linked to interest rate expectations, fell 8.1 basis points and tested the 4.80% threshold. According to the FedWatch Tool from the Chicago Mercantile Exchange, traders believe there is a 59% chance that the Federal Reserve will start cutting interest rates in September, up from about 53% before the ISM data release.

Oil futures fell on Monday as OPEC+ extended production cuts until 2025 but will begin to unwind some additional voluntary production cuts later this year. The nearest-month WTI crude oil contract fell 3.60%,报价$74.22 per barrel, while the nearest-month Brent crude oil contract fell 3.39%,报价$78.36 per barrel.

Expectations of interest rate cuts boosted gold prices. COMEX gold futures for delivery in June on the New York Commodity Exchange rose 1.02%,报价$2,346.60 per ounce.