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US STOCKS-Wall Street stocks edge higher after soft manufacturing data, NYSE glitches
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US STOCKS-Wall Street stocks edge higher after soft manufacturing data, NYSE glitches
Jun 3, 2024 3:44 PM

*

NYSE glitch triggers trading halts

*

US manufacturing falls for second straight month

*

Nvidia ( NVDA ) gains on next-generation AI chip platform

expectations

*

GameStop ( GME ) soars after Keith Gill's Reddit post

By Chibuike Oguh

NEW YORK, June 3 (Reuters) - U.S. stocks finished mostly

higher in a choppy session on Monday amid soft manufacturing

sector data and as a glitch on the NYSE briefly caused trading

halts in several equities.

A glitch at the New York Stock Exchange had triggered

massive swings in the shares of Berkshire Hathaway ( BRK/A ) and

Barrick Gold. Trading in at least 60 NYSE-listed stocks

were halted due to the volatility, before the bourse fixed the

technical issue and activity resumed.

Markets also weighed data showing U.S. manufacturing

activity had slowed for the second straight month, raising

concerns of weakening economic growth.

"What you're seeing when you look at the overall market is

that it is trading down based on growth concerns relative to the

continuation of more sluggish economic data," said Keith Lerner,

co-chief investment officer at Truist Advisory Services in

Atlanta.

"Not only is the overall market down, the 10-year Treasury

note is down about 8 basis points, and that's another signal

that investors are concerned about economic growth because

they're now buying the 10-year," Lerner added.

Traders see a 59% chance that the Fed will begin cutting

rates in September, up from about 53% before the ISM data was

released, according to the CME's FedWatch tool. Benchmark U.S.

10-year note yields fell to a two-week low following

the soft manufacturing data.

According to preliminary data, the S&P 500

gained 5.91 points, or 0.11%, to end at 5,283.39 points,

while the Nasdaq Composite gained 93.62 points, or

0.56%, to 16,828.63. The Dow Jones Industrial Average

fell 110.89 points, or 0.29%, to 38,575.43.

Nvidia ( NVDA ) rose after CEO Jensen Huang revealed that

the company's next-generation AI chip platform would be rolled

out in 2026.

Shares of other megacaps, including Apple ( AAPL ), Amazon ( AMZN )

and Meta gained. Microsoft ( MSFT ) and Tesla

lost ground.

GameStop ( GME ) soared after a weekend Reddit post from

stocks influencer Keith Gill, also known as "Roaring Kitty",

showed a $116 million bet on the gaming retailer.

Investors will be eyeing a data-packed week that includes

surveys on the services sector, factory orders and Friday's

closely watched nonfarm payrolls report, which could provide

clues to the Fed's likely course of action with regards to

rates.

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