Stock market news for June 3, 2024

The Dow Jones Industrial Average closed lower on Monday, kicking off the first trading session of June as investors fretted over the U.S. economy.

The 30-stock Dow pulled back 115 points, or 0.3%, to close at 38,571.03. The S&P 500 ticked up 0.11% to finish the session at 5,283.40, while the Nasdaq Composite added 0.56% to 16,828.67.

— Brian Evans

Andrew Left, the founder of Citron Research, told Bloomberg News that he re-shorted GameStop Monday after seeing stocks surge on Keith Gill’s social media posts.

In 2021, Citron Research was forced to close out its short position in GameStop at a loss and said it would no longer publish short reports and would focus on long opportunities for investors.

Left also revealed that he shorted GameStop in May and has covered the position.

— Yun Li

May’s strong performance should bode well for equities this month, according to Canaccord Genuity.

“From a historical perspective, strong market performance in May generally leads to a positive June,” analyst Michael Welch wrote in a Tuesday note. “Since 1957, when the SPX is up 4% or more in May, the month of June has been positive eight out of nine times by a median of 1.4%.”

Although the final week of May saw the S&P 500 decline by about 0.5%, ending a five-week win streak, the broad-market index posted its best performance in May since 2009 with a 4.8% gain, Welch said. He added that on Friday, the percentage of S&P 500 Index components trading above their 10- and 50-day moving averages rose to 50.3% and 51.3%, respectively, removing the oversold conditions.

— Pia Singh

The Atlanta Federal Reserve’s closely watched gauge of economic growth took another sharp dive Monday following disappointing news out of the manufacturing sector.

GDPNow, the central bank branch’s tracker of incoming data, reduced the pace of expected second-quarter growth down to 1.8%, from 2.7%. The big step down followed the ISM Manufacturing Index reading for May. At 48.7%, the index was below Wall Street expectations and indicative of further contraction.

This was the second big plunge for GDPNow in the past several days, as the tracker slid 0.8 percentage point on Friday following weak consumer spending data out of the Commerce Department.

The U.S. economy grew at a 1.3% annualized pace in the first quarter.

—Jeff Cox

Mexico’s peso slid more than 3% against the U.S. dollar during Monday trading after the Latin American country elected its first female president.

Left-leaning climate scientist Claudia Sheinbaum won the presidential election, according to the electoral institute’s rapid count estimate published late Sunday night.

The currency has weakened around 3.5% against the dollar since the start of the year.

— Sean Conlon

These are some of the stocks making notable moves midday:

• Spotify — The music streaming company climbed 4% following its announcement of premium subscription price increases in the U.S. in July.
• Paramount Global — The media company advanced more than 7% after CNBC’s David Faber reported the firm and Skydance have agreed to terms of a merger.
• Cava — Shares shed about 5% after being downgraded at JPMorgan to neutral from overweight. 

Click here for the full list.

— Alex Harring

Shares of Paramount rose nearly 7% on Monday as the media company appears to be close to finalizing a deal with Skydance and private equity firms RedBird Capital and KKR.

CNBC’s David Faber reported Monday,…