Seeking Alpha

S&P, Dow score new record highs amid mixed broader market

  • Stocks edged higher, recovering from early losses after back-to-back corrections were issued for ISM manufacturing activity; the final reading came in roughly in line with expectations but above the weak initial reading that had sent stocks sliding when reported at 10 a.m.
  • Outside of the confusion created by the data, June's first session was uneventful, and trading volume remained light; the S&P and Dow each added 0.1%, while the Nasdaq (-0.1%) and Russell 2000 (-0.5%) underperformed throughout the day.
  • The Dow Transports gained 0.6%, underpinning the industrial sector (+0.4%) and pushing its YTD gain past 10%; techs lagged as Apple fell 0.7% after unveiling a set of software updates for its products and an iOS-based Health Kit app.
  • Treasury prices fell back, with the 10-year note tumbling 15 ticks to push its yield up to 2.53%.
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