Wall Street fluctuated between gains and losses during Monday's session, but ultimately ended trading hours with all three major benchmarks posting gains and the Nasdaq closing at another all-time high. Market participants are still being held back by steady increases in coronavirus cases across Southern and Western states, pressuring optimism surrounding a quick economic rebound.
The National Association of Realtors reported that existing homes sales dropped 9.7% in May when compared to April, marking the reading's third straight month-to-month decline in sales. The decrease brought the seasonally adjusted annual rate to 3.91 million, under consensus economists forecast of above 4 million and showing pressure on the housing market due to the coronavirus pandemic economic crisis. However, some analysts predict this may be the market's bottom.
Here's how the stock market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, tech giants--Facebook
In Stock Sector News, industries mostly gained on Monday, with the only laggers being Financials -0.48%, Health Care -0.36%, Consumer Staples -0.27% and Real Estate -0.25%. The rest of the performance gains were as follows: Information Technology +1.93%, Utilities +1.34%, Consumer Discretionary +1.10%, Energy +0.63%, Communication Services +0.52%, Materials +0.40% and Industrials +0.20%.
In Commodity and Currency News, United States oil futures settled above $40 for the first time since March, with West Texas Intermediate
For Tuesday, new homes sales data is set to be released.