.jpeg)
US stock market closes near record high, impact of rise in oil prices; crude oil prices rise by 3%
Wall Street Updates: The US stock market closed near record levels on Monday. After an initial decline, the market recovered due to a rise in Nvidia and Meta. S&P 500 gained 0.4% and Nasdaq gained 0.7%.
On Monday, the US stock market closed near record levels. June also started well after the excellent performance in the month of May. S&P 500 gained 0.4%, Dow Jones gained 35 points (0.1%), and Nasdaq gained 0.7%.
However, the day started with a decline in the market as the reports related to US manufacturing were disappointing. Despite this, the market recovered due to a rise in the shares of big companies like Nvidia and Meta. The rise in oil prices by more than 3% is also affecting the market. OPEC+ countries have announced an increase in production, but concerns about supply remain due to the tensions between Russia and Ukraine.
Meanwhile, tensions between the United States and China have escalated again. China accused the US of violating the trade agreement by taking steps like stopping the sale of AI chips and canceling visas. Trump has also accused China of not following the agreement.
Want to get your story featured as above? click here!
Want to get your story featured as above? click here!
Trump raised the duty on steel imports by 50% to save the steel industry, causing shares of Nucor and Steel Dynamics to rise more than 10%. But shares of automakers like Ford and General Motors fell.
The bond market was also in turmoil. The 10-year US Treasury yield rose to 4.44%, up from 4.01% two months ago. This could make borrowing expensive and reduce investment in the stock market. Finally, Lyra Therapeutics' stock rose nearly 311% as its new drug trial was successful.
