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Markets Close in Green on Mostly Quiet Trading Day

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Monday, June 2, 2025

Markets closed flat-to-up on this first trading day of the last month of calendar Q2. The Dow, which had collapsed -416 points at session lows, finished +35 points, +0.08%. The S&P 500 rose +24 points, +0.41%, while the Nasdaq outperformed the field: +128 points, +0.67%. The small-cap Russell 2000 rose +0.19% on the day.

Countering recent trade tensions — specifically, the raised tariff on steel and aluminum to +50% announced by President Trump late Friday — were a renewed interest in the AI trade once again supported tech stocks, while oil companies caught a bid on $63 barrels of oil today. All in all, it was a quiet day for data, relatively: Jobs Week reports begin with the JOLTS numbers out Tuesday morning.

Manufacturing Final Reports Flat-to-Down


For the month of May, S&P final Manufacturing PMI and ISM Manufacturing reports showed a slight decline on the former and an in-line print on the latter. The S&P headline of 52.0 was 30 basis points (bps) below estimates, which were flat month over month. ISM came in at +48.5% — as expected and down 20 bps from the April headline, but still below the 50 threshold between growth and loss.

Construction Spending Remains Negative in April


Analysts had been expecting a rebound into positive Construction Spending for April, but at -0.4% this headline came 60 bps below estimates to +0.2%. This followed -0.8% print for March, which was the lowest we’ve seen since September of last year. It also marks the thirds negative month in the first four for 2025.

What to Expect from the Stock Market Tuesday


The April totals of the Job Openings and Labor Turnover Survey (JOLTS) hit the tape Tuesday morning. They are expected to tick down month over month to 7.1 million from 7.2 million reported, and are the first in a series of labor force data this week, which we call Jobs Week.

Factory Orders, also for April, will be out tomorrow as well, after the opening bell. Much like the downturn in Construction Spending we saw today for April, Factory Orders are expected to dip into negative territory, likely based on questions and concerns related to the trade war. Orders are forecast to reach -3.3% for the month from +4.3% reported for March.

Also, while we basically consider calendar Q1 earnings season completed, we still have a few companies of consequence reporting this week. Among them, Dollar General (DG - Free Report) , up +28% year to date, is expected to deliver negative -10.9% earnings per share on +3.76% in revenue growth. That will be before the opening bell Tuesday. After the market closes, cybersecurity major CrowdStrike (CRWD - Free Report) is projected to bring negative -29% earnings per share growth on +20% in revenues. This company has never missed an earnings estimate since its 2019 IPO.

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