Stock Market Today: Stocks Trade Mixed to After Weak Manufacturing Data

US stocks kicked the first trading day of June off with mixed trades on Monday.
Weaker-than-expected manufacturing data pushed stocks lower throughout the day.
Investors are looking ahead to a busy week of macro data, including the May jobs report.

US stocks kicked June off with mixed trades on Monday as investors digested a new set of manufacturing data.

The ISM Manufacturing index came in at 48.7%, which was below estimates of 49.6% and below last month’s reading of 49.2%. Meanwhile, construction spending was down 0.1% in April, below economist expectations for a gain of 0.2%.

Finally, the S&P Flash US Manufacturing PMI came in at 51.3 in May, slightly ahead of the median forecast of 50.7.

The mixed data led to a mixed stock market in Monday’s trading session, with the Nasdaq 100 printing gains, the S&P 500 about flat, and the Dow Jones Industrial Average moving slightly lower. 

Investors will turn their focus to the state of the US job market later this week, with job openings data to be released on Tuesday, initial jobless claims set to be published on Thursday, and the May jobs report scheduled for Friday. 

Economists expect 178,000 jobs to have been added to the US economy in May, about in line with the April jobs report.

The sweet spot would be between 125,000 and 175,000 jobs added last month, according to Bank of America, as it would leave the door open for interest rate cuts from the Federal Reserve without scaring investors about a potential recession. 

Here’s where US indexes stood at the 4:00 p.m. closing bell on Monday: 

Here’s what else happened today:

In commodities, bonds, and crypto: 

West Texas Intermediate crude oil dropped 3.87% to $74.01 a barrel. Brent crude, the international benchmark, was lower by 3.67% to $78.13 a barrel. Gold edged higher by 0.89% to $2.366/70 per ounce. The 10-year Treasury yield dropped nine basis points to 4.40%. Bitcoin jumped 2.00% to $69,094.