Wall St. dips amid U.S. protests, China tensions

(Reuters) – U.S. stocks edged higher on Monday on prospects of a post-pandemic economic recovery, but the sentiment remained fragile amid protests across the country over race and an ongoing standoff between Washington and Beijing.

U.S. manufacturing activity eased off an 11-year low in May, an Institute for Supply Management (ISM) survey showed, the strongest sign yet that the worst of the economic downturn was behind as businesses reopen.

“With the economic data beginning to ease off from their dire position two months ago, there is further upside as we head into the summer, which is normally a fairly difficult period for markets,” said Chris Beauchamp, chief market analyst at IG.

The three main indexes had opened lower as National Guard troops were deployed over the weekend in 15 states and Washington, D.C. in an attempt to quell a sixth night of violence that began with peaceful protests over the death of a black man, George Floyd, in police custody.

Target Corp (NYSE:TGT) and Walmart (NYSE:WMT) Inc closed stores during the unrest that included looting in many cities. Target and Walmart shares fell 1.9% and 0.9%, respectively.

Further denting the sentiment, reports said China had told state-owned firms to halt agricultural purchases from the United States, after Washington said it would eliminate special treatment for Hong Kong to punish Beijing.

“The tensions between the United States and China and the U.S. protests are beginning to make investors a little bit nervous,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

The escalation in Sino-U.S. tensions poses a major threat to the stock market’s rebound since late March that was powered by expectations of a recovery from the coronavirus-led downturn.

U.S. stocks had rebounded late in Friday’s session, with the S&P 500 logging its biggest two-month percentage gain since 2009, after President Donald Trump’s measures

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Nasdaq keeps Philadelphia trading floor closed due to protests

The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid

NEW YORK (Reuters) – Nasdaq Inc said it postponed Monday’s planned reopening of its PHLX options trading floor in Philadelphia, which had been closed because of the coronavirus pandemic, due to the demonstrations over the death of a black man, George Floyd, in police custody.

“As the current situation with demonstrations in the city of Philadelphia has escalated significantly, Nasdaq has decided to postpone the reopening of the PHLX Trading Floor, which was scheduled for Monday, June 1, 2020,” the exchange operator said in an alert to traders.

Nasdaq said it would revisit the decision on a daily basis.

National Guard troops were deployed in 15 states and Washington, D.C. in an attempt to quell a sixth night of violence on Sunday. The unrest began with peaceful protests over the death of a black man, George Floyd, in police custody.

Video footage showed a white Minneapolis police officer kneeling on the neck of Floyd, 46, for nearly nine minutes before he died on May 25.

“It is impossible to see and read about George Floyd in Minnesota and Ahmaud Arbery in Georgia, and the far too many events that have occurred, without feeling a sense of shock, anger, and grief,” Nasdaq Chief Executive Officer Adena Friedman said in a message to her staff, later shared on LinkedIn.

Nasdaq’s PHLX options trading floor in Philadelphia has been closed since March 17, 2020, with only electronic trading allowed, to prevent the potential spread of the coronavirus.

Reporting by John McCrank; Editing by Chizu Nomiyama and Nick Zieminski

Our Standards:The Thomson Reuters Trust Principles.

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24/7 Market News- Kraig Labs’ clock is ticking

24/7 Market News- Kraig Labs’ clock is ticking – NASDAQ News Today – EIN News

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Dow struggles to start June higher as investors weigh protests and report China halting purchases of U.S. farm goods

U.S. stocks on Monday erased losses after a survey of manufacturers showed the slowdown in factory production could soon end, offering signs that an economic rebound could take hold in the coming months.

Investors also handled signs of rising Sino-American trade tensions and watched violent protests that reverberated throughout the country, while also monitoring efforts by the U.S., and much of the world, to overcome the COVID-19 pandemic.

What are stock benchmarks doing?

The Dow Jones Industrial Average DJIA, +0.21% rose 74 points, or 0.3%, to 25,457, after trading negative at the start of Monday’s session. The S&P 500 SPX, +0.16% was trading 6 points higher, or 0.2%, to 3,050. The Nasdaq Composite COMP, +0.36% added 35 points, or 0.4%, to 9,525.

On Friday, the Dow booked a weekly gain of 3.8%, while the S&P 500 finished 3% higher and the Nasdaq Composite Index ended the period 1.8% higher. In May, the Dow logged a 4.3% gain, the S&P 500 climbed 4.5%, while the Nasdaq marked a 6.8% return on the month.

What’s driving the market?

Evidence of rising tensions between the U.S. and China and social unrest in America helped to create some headwinds for markets early Monday, but the bearish sentiment gave way after economic data underlined the progress from states taking away measures implemented to stem the spread of the COVID-19 disease. All 50 states are under some stage of reopening from forced shutdowns due to the pandemic.

The Institute for Supply Management said its manufacturing index climbed to 43.1% last month from an 11-year low of 41.5% in April. Economists surveyed by MarketWatch had forecast the index to

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Stocks open lower amid U.S.-China trade uncertainty and civil unrest

U.S. stocks opened modestly lower Monday as investors watched the latest developments in U.S.-China relations after reports that China was pausing some purchases of American agricultural goods, amid rising tensions over the status of Hong Kong as an independent region. The Dow Jones Industrial Average DJIA, +0.23% fell 85 points, or 0.3% to 25,288, the S&P 500 index SPX, +0.19% shed 12 points, or 0.4%, to 3,033 and the Nasdaq Composite index COMP, +0.39% retreated 21 points, or 0.3%, to 9,466. Policymakers in China have told state-owned companies to cease purchases of U.S. soybeans and pork, according to reports in Bloomberg and Reuters, after President Trump said Friday that his administration would study new sanctions against China and revoke special privileges enjoyed by Hong Kong after China moved to impose a new national security law on the special administrative region. China’s move was rebuked by the U.S. and its allies as an incursion on Hong Kong’s autonomy and rule of law. Investors were also monitoring clashes between protesters and law enforcement as Americans took to the streets over the weekend to condemn police violence. Market participants worry that the protests may complicate state reopening efforts in the midst of the COVID-19 pandemic if demonstrations last for a longer period

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Nasdaq postpones Philadelphia trading floor reopening due to protests

NEW YORK, June 1 (Reuters) – Nasdaq Inc said it postponed Monday’s planned reopening of its PHLX options trading floor in Philadelphia, which had been closed because of the coronavirus pandemic, due to the demonstrations over the death of a black man, George Floyd, in police custody.

“As the current situation with demonstrations in the city of Philadelphia has escalated significantly, Nasdaq has decided to postpone the reopening of the PHLX Trading Floor, which was scheduled for Monday, June 1, 2020,” the exchange operator said in an alert to traders. (Reporting by John McCrank Editing by Chizu Nomiyama)

Our Standards:The Thomson Reuters Trust Principles.

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Due To The 2020 Novel Coronavirus [COVID-19] Pandemic, Now Is The Best Time To Take Out A Loan

Due To The 2020 Novel Coronavirus [COVID-19] Pandemic, Now Is The Best Time To Take Out A Loan – NASDAQ News Today – EIN News

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A service for global professionals · Monday, June 1, 2020 · 518,378,632 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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Due To The 2020 Novel Coronavirus [COVID-19] Pandemic, Now Is The Best Time To Take Out A Loan

Due To The 2020 Novel Coronavirus [COVID-19] Pandemic, Now Is The Best Time To Take Out A Loan – NASDAQ News Today – EIN News

Trusted News Since 1995

A service for global professionals · Monday, June 1, 2020 · 518,378,632 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools News Topics Newsletters Press Releases Events & Conferences RSS Feeds Other Services Questions?

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