Stocks rose slightly on Monday in a shortened session to start the second half of the year on a high note. The Dow Jones Industrial Average added 10 points, while the S&P 500 and Nasdaq Composite rose 0.1% and 0.2%, respectively.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Monday's shortened session marked the start of a new trading month, quarter and second half of the year. On Friday, the Nasdaq close with its biggest first-half gain since 1983, with the tech-heavy index rising over 30% so far this year as market sentiment towards artificial intelligence boosted tech names like Nvidia
In major moves on the day, Tesla
"Tesla has been in the process of transitioning to a more even delivery schedule throughout the quarter in order to ease logistics and operational constraints, but the report suggests that Tesla was able to close the quarter more strongly than we and consensus had expected," Goldman Sachs analyst Mark Delaney said in a note.
Other EV names including Rivian
On the economic front, manufacturing data out Monday showed contractions in the sector for June. S&P Global's PMI reading for the month came in at 46.3, falling from May's reading of 48.4, while the Institute for Supply Management's reading came in at 46.0, below May's level of 46.9. Below readings are below the neutral level of 50, which indicates contraction in the sector.
"The health of the US manufacturing sector took a sharp turn for the worse in June, adding to concerns over the economy potentially slipping into recession in the second half of the year," said Chris Williamson, chief business economist at S&P Global Market Intelligence, in a statement.
Wall Street will remain closed on Tuesday in observance on the July 4 holiday in the United States. Markets will open with normal trading hours on Wednesday.