US Stocks Close Marginally Higher in Muted Trading Ahead of July Fourth Holiday – News18

US stocks closed marginally higher after a muted half-day of trading ahead of the July fourth Independence Day holiday.

The lackluster start to trading in the second half of the year followed a bumper first half buoyed by investor enthusiasm for companies involved in generative artificial intelligence, from chipmakers to software firms.

“Whenever you have a half day, you shouldn’t expect much activity in either direction — and that’s exactly what we got today,” Art Hogan from B. Riley Wealth Management told AFP.

“I think we’ll get back in the game on Wednesday,” he added.

The Dow Jones Industrial Average finished almost flat at 34,418.47, while the broad-based S&P 500 Index ended the shortened trading day up 0.1 percent to 4,455.59.

The tech-rich Nasdaq Composite Index was the outlier for the day, edging up 0.2 percent to finish at 13,816.77.

Earlier Monday, new survey data indicated that the recent slump in US manufacturing deepened last month on the back of weak demand and slowing production.

The gloomy data from the Institute for Supply Management (ISM) marked a contrast from many other sectors of the US economy, which have shown signs of unexpected buoyancy in recent months.

“The June composite index reading reflects companies continuing to manage outputs down as softness continues and optimism about the second half of 2023 weakens,” ISM business survey committee chair Timothy Fiore said in a statement.

Among individual companies, electric vehicle maker Tesla’s shares ended 6.9 percent higher after reporting better delivery numbers than expected.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – AFP)