US open: Stocks mixed as oil prices fall

(Sharecast News) - Wall Street trading got off to a mixed start on Monday after a big day for the blue-chip Dow Jones in the previous session. As of 1515 BST, the Dow Jones Industrial Average was down 0.19% at 38,614.49, while the S&P 500 advanced 0.15% to 5,285.51 and the Nasdaq Composite came out the gate 0.53% firmer at 16,823.08.

The Dow opened 71.83 points lower on Monday, taking a bite out of solid gains recorded in the previous session.

Optimism regarding a potential Joe Biden-led ceasefire in Gaza drove oil prices lower early on Monday, with West Texas Intermediate down 3.01% and Brent Crude 2.74% lower, giving the president a boost as his predecessor and main rival Donald Trump was recently found guilty in the New York courts. However, the impact this will have on the polls remains to be seen.

On the macro front, S&P Global's manufacturing index was revised higher to 51.3 in May, up from a preliminary reading of 50.9 and last month's 50 print, pointing to a modest improvement in the state of the manufacturing sector, while the Institute for Supply Management's manufacturing PMI unexpectedly edged lower to 48.7 in May from 49.2 in April, below forecasts of 49.6 and showing another contraction for the manufacturing activity as demand was soft again.

Elsewhere, construction spending fell by 0.1% month-on-month in April to a seasonally adjusted rate of $2.09bn, according to the Census Bureau, as public spending shrank by 0.2% and private spending fell by 0.1% - driven by a 0.3% decline in the non-residential segment.

In the corporate space, Nvidia shares were in the greeb after it announced new AI chips on Sunday before its latest model even shipped, while GameStop stock was up more than 70% amid speculation that the seller who inspired the 2021 short squeeze may have yet another big position in the retailer.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Boeing Co. (BA) $182.63 2.83% Merck & Co. Inc. (MRK) $128.37 2.25% Amgen Inc. (AMGN) $310.42 1.49% Johnson & Johnson (JNJ) $148.68 1.37% Apple Inc. (AAPL) $194.46 1.15% Procter & Gamble Co. (PG) $165.48 0.57% Unitedhealth Group Inc. (UNH) $496.98 0.33% Verizon Communications Inc. (VZ) $41.26 0.27% 3M Co. (MMM) $100.27 0.13% Salesforce.Com Inc. (CRM) $234.70 0.11%

Dow Jones - Fallers

Dow Chemical Co. (DOW) $56.47 -2.02% Chevron Corp. (CVX) $159.07 -1.99% Travelers Company Inc. (TRV) $211.85 -1.78% Intel Corp. (INTC) $30.40 -1.46% Home Depot Inc. (HD) $330.48 -1.31% Walt Disney Co. (DIS) $102.57 -1.28% Caterpillar Inc. (CAT) $334.86 -1.08% International Business Machines Corporation (CDI) (IBM) $165.31 -0.92% JP Morgan Chase & Co. (JPM) $201.19 -0.71% McDonald's Corp. (MCD) $257.10 -0.69%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.41 11.42% Autodesk Inc. (ADSK) $219.72 8.99% Nordstrom Inc. (JWN) $23.13 4.66% Gap Inc. (GPS) $30.16 4.14% Kohls Corp. (KSS) $23.28 3.97% Becton, Dickinson & Company (BDX) $240.54 3.69% Nvidia Corp. (NVDA) $1,136.82 3.69% VF Corp. (VFC) $13.77 3.65% Leggett & Platt Inc. (LEG) $12.01 3.54% Carnival Corp. (CCL) $15.61 3.51%

S&P 500 - Fallers

FMC Technologies Inc. (FTI) $24.93 -4.81% NRG Energy Inc. (NRG) $77.32 -4.54% Tractor Supply Company (TSCO) $272.83 -4.37% Advance Auto Parts (AAP) $67.82 -3.99% Diamondback Energy Inc. (FANG) $191.43 -3.93% NetApp Inc. (NTAP) $115.76 -3.87% Halliburton Co. (HAL) $35.39 -3.57% National Oilwell Varco Inc. (NOV) $18.16 -3.53% LyondellBasell Industries (LYB) $95.92 -3.52% Schlumberger Ltd. (SLB) $44.38 -3.29%

Nasdaq 100 - Risers

Autodesk Inc. (ADSK) $219.72 8.99% Nvidia Corp. (NVDA) $1,136.82 3.69% American Airlines Group (AAL) $11.84 2.96% Biomarin Pharmaceutical Inc. (BMRN) $77.24 2.88% Illumina Inc. (ILMN) $107.00 2.61% Biogen Inc (BIIB) $230.27 2.37% Micron Technology Inc. (MU) $127.69 2.15% Incyte Corp. (INCY) $58.96 2.02% QUALCOMM Inc. (QCOM) $208.01 1.94% Vertex Pharmaceuticals Inc. (VRTX) $463.84 1.87%

Nasdaq 100 - Fallers

eBay Inc. (EBAY) $53.29 -1.72% PACCAR Inc. (PCAR) $105.85 -1.54% Intel Corp. (INTC) $30.40 -1.46% Mercadolibre Inc. (MELI) $1,700.42 -1.46% Baidu Inc. (BIDU) $95.86 -1.38% Fastenal Co. (FAST) $65.10 -1.34% Comcast Corp. (CMCSA) $39.49 -1.34% CSX Corp. (CSX) $33.35 -1.19% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $390.59 -1.14% Check Point Software Technologies Ltd. (CHKP) $148.79 -1.14%