Source: Sharecast
Investors were even shrugging off the news that the Organisation for Economic Co-operation and Development had decided to cut its US growth outlook, stating it now sees the US economy expanding by just 1.6%, down from its previous estimate of 2.2%.
Ongoing uncertainty surrounding trade tensions between the US and China kept stocks rangebound in pre-market trading, but all three Wall Street benchmarks extended gains by the close of play.
The Dow rose 0.5% to 42,519.64, the S&P 500 gained 0.6% to 5,970.37, while the Nasdaq jumped 0.8% to 19,398.96. These were the highest closes for the S&P 500 and Nasdaq since the final week of February.
"Some investors/traders are not entirely convinced that the ongoing tariff dispute, let alone renewed concerns over global debt levels, justifies an attempt to drive the US majors to fresh all-time highs. Yet as has happened on so many occasions, investors seem relaxed enough to look past such issues in the firm belief that better times are just around the corner," said David Morrison, senior market analyst at Trade Nation.
"This, like ‘buy the dip’, has proved to be a winning strategy time and time again. The trouble is there are occasions when it hasn’t worked," he said.
In economic data, factory orders dropped 3.7% in April after a 3.4% jump in March, worse than the 3% fall expected by the market. This was the biggest slump in new orders for manufacturing since January 2024.
Meanwhile, job openings totalled 7.391m in April, up from 7.192m in March, rebounding from a six-month low to beat the consensus estimate of 7.10m. Large increases were reported in retail (+46,000), professional and business services (+171,000), health and social care (+102,000), and in arts, entertainment and recreation (+43,000).
"Increased private sector job openings but the first decline in five months in US factory orders seem to have balanced each other out with investors looking ahead to Friday's non-farm payrolls," said Axel Rudolph, senior technical analyst at IG.
Market movers
Dollar General shares were up 16% after the discount retailer reported stronger-than-expected first-quarter earnings and raised its full-year guidance. The suburban and rural-focussed general goods retailer said it now expected 2025 financial year net sales growth of 3.7% to 4.7%, up from a prior range of 3.4% to 4.4%, and same-store sales growth of 1.5% to 2.5%, compared to an earlier forecast of 1.2% to 2.2%.
Chip giants Nvidia and Broadcom were putting in solid gains, while heavyweights Apple, Intel and Microsoft also rose.
Constellation Energy finished flat despite striking a 20-year deal to sell nuclear power to Meta Platforms. Meanwhile Ford was in the green on the back of news that sales had surged 16.3% in May.
Dow Jones - Risers
Intel Corp. (INTC) $20.29 2.79%
Dow Chemical Co. (DOW) $27.78 2.17%
Home Depot Inc. (HD) $373.08 1.39%
Caterpillar Inc. (CAT) $349.51 1.37%
Nike Inc. (NKE) $62.37 1.30%
Chevron Corp. (CVX) $139.55 1.24%
3M Co. (MMM) $148.12 1.18%
Merck & Co. Inc. (MRK) $77.14 1.17%
Salesforce.Com Inc. (CRM) $264.47 1.09%
Boeing Co. (BA) $213.43 0.93%
Dow Jones - Fallers
Coca-Cola Co. (KO) $71.22 -1.17%
Unitedhealth Group Inc. (UNH) $301.22 -1.15%
Johnson & Johnson (JNJ) $154.46 -0.63%
Verizon Communications Inc. (VZ) $43.87 -0.61%
Procter & Gamble Co. (PG) $166.90 -0.55%
Travelers Company Inc. (TRV) $276.38 -0.10%
McDonald's Corp. (MCD) $312.62 -0.09%
Dowdupont Inc. (DWDP) $0.00 0.00%
S&P 500 - Risers
Dollar General Corp (DG) $112.57 15.85%
Helmerich & Payne Inc. (HP) $16.86 7.46%
CenturyLink Inc. (LUMN) $4.11 6.75%
Microchip Technology Inc. (MCHP) $63.84 6.40%
Dollar Tree Inc (DLTR) $96.72 6.01%
Fluor Corp. (FLR) $43.41 5.44%
Apache Corp. (APA) $18.27 5.42%
Arista Networks Inc. (ANET) $94.50 5.26%
NetApp Inc. (NTAP) $103.66 4.95%
Sl Green Realty Corp. (SLG) $60.01 4.57%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $0.75 -5.89%
CME Group Inc. (CME) $282.31 -2.89%
Macerich Co (MAC) $15.82 -2.16%
Gap Inc. (GAP) $21.95 -2.10%
Mid Amer Apt Commun (MAA) $152.42 -2.09%
Public Storage (PSA) $303.52 -2.09%
Extra Space Storage (EXR) $150.01 -2.00%
Welltower Inc (WELL) $152.43 -1.95%
Archer-Daniels-Midland Co. (ADM) $47.32 -1.70%
Alphabet Inc. Class A (GOOGL) $166.18 -1.69%
Nasdaq 100 - Risers
Microchip Technology Inc. (MCHP) $63.84 6.40%
Dollar Tree Inc (DLTR) $96.72 6.01%
Micron Technology Inc. (MU) $102.25 4.15%
Seagate Technology Plc (STX) $123.29 3.47%
Broadcom Inc. (AVGO) $256.85 3.27%
Western Digital Corp. (WDC) $53.77 3.03%
Skyworks Solutions Inc. (SWKS) $71.03 3.02%
J.B. Hunt Transport Services Inc. (JBHT) $140.63 2.91%
Applied Materials Inc. (AMAT) $161.74 2.84%
Nvidia Corp. (NVDA) $141.22 2.80%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $2.77 -21.75%
Alphabet Inc. Class A (GOOGL) $166.18 -1.69%
Alphabet Inc. Class C (GOOG) $167.71 -1.56%
JD.com, Inc. (JD) $32.41 -1.37%
Booking Holdings Inc. (BKNG) $5,475.07 -1.15%
Charter Communications Inc. (CHTR) $390.80 -1.01%
Vodafone Group Plc ADS (VOD) $10.30 -0.96%
Trip.com Group Limited (TCOM) $63.05 -0.94%
Mondelez International Inc. (MDLZ) $67.04 -0.70%
Meta Platforms Inc. (META) $666.85 -0.60%