CNBC Daily Open: GameStop can't stop, Dow drops
How did the performance of the S&P 500 and Nasdaq differ from the Dow on the same day?
On the day of the report, the Dow Jones Industrial Average dropped more than 100 points due to weak manufacturing data raising concerns about the strength of the U.S. economy. However, the S&P 500 edged higher by 0.11%, while the Nasdaq Composite gained 0.56%. This shows that while the Dow experienced losses, the S&P 500 and Nasdaq managed to achieve modest gains on the same day.
What impact did the start of vote counting in India have on the Nifty and BSE Sensex stock indexes?
The start of vote counting in India had a significant impact on the Nifty and BSE Sensex stock indexes. Both indexes experienced a sharp decline as early leads showed a closer than expected race in the elections. This drop occurred despite the indexes reaching record highs on Monday, following projections that Prime Minister Narendra Modi would win a rare third term3. The uncertainty surrounding the election results led to a dip in investor confidence, which in turn affected the stock market.
What was the ISM manufacturing data reading for May, and what does this figure indicate about the U.S. manufacturing sector?
The ISM manufacturing data reading for May was 48.7, which indicates a contraction in the U.S. manufacturing sector. This is the second consecutive month that the sector has contracted, raising concerns about the overall strength of the U.S. economy. A reading below 50 is indicative of a contraction, while a reading above 50 suggests expansion.