Wall Street Struggles to Keep Momentum
US stocks pared early gains to end Tuesday’s session virtually flat, as much of the initial enthusiasm over better-than-expected PMI figures faded, with investors once again rattled by concerns about runaway inflation. The ISM Manufacturing PMI rose to 61.2 in May, beating forecasts of 60.9, and the Markit Manufacturing PMI was revised higher to a new record. Overseas, the Caixin manufacturing purchasing manager’s index reached a five-month high and pointed to an overall acceleration in growth. Materials, energy, and industrials stocks reasserted their dominance, while the high-flying technology sector continued to face some pressure, with investors seeking groups that do well in an economic recovery. The Dow Jones added 46 points, or 0.1%, to 34,575. The S&P 500 fell 2 points, or 0.1%, to 4,202. The Nasdaq Composite Index decreased 12 points, or 0.1%, to 13,737.
10 hours ago