Stock market news live updates: Stocks steady in final session of June

Stocks were slightly lower Tuesday morning, with the final session of the month and quarter under way.

The S&P 500 and Dow were on track to post gains of less than 1% for the month of June. The Nasdaq Composite outperformed amid a broad tech rally, with the index pacing toward a monthly advance of more than 4%.

But all three major indices headed toward double-digit percentage gains for the second quarter, following a surge off March’s lows. The Nasdaq tracked toward a 28% second-quarter gain. The Dow and S&P 500 were set to post gains of more than 16% and 18%, respectively.

During Monday’s session, the Dow’s more than 2.3% gain was powered in large part by Boeing (BA), which surged 14% during the regular session after the Federal Aviation Administration began its long-awaited test flights for the 737 Max. The aircraft manufacturer pared some gains, dipping more than 4% for the biggest drop in the 30-stock Dow.

Elsewhere, shares of Lululemon (LULU) extended gains after announcing it would be acquiring the home fitness startup Mirror, putting it in competition with indoor cycling company Peloton (PTON). Shares of Peloton steadied after falling overnight, and the stock had more than doubled for the year to date through Monday’s close as Wall Street bet on the resilience of the workout-from-home phenomenon in the face of the coronavirus pandemic.

Shares of Wells Fargo (WFC) also fell after the company announced plans to slash its dividend, following the Federal Reserve’s announced restrictions on bank payouts last week in its stress test results. Peer big banks including Bank of America (BAC), Citigroup (C), Morgan Stanley (MS) and Goldman Sachs (GS) left their third-quarter dividends unchanged, however, and shares of these banks traded slightly higher overnight.

Federal Reserve Chair Jerome Powell is set to deliver testimony before the House Financial Services Committee alongside U.S. Treasury Secretary Steven Mnuchin on Tuesday. In prepared remarks released Monday afternoon, Powell noted that despite some more upbeat developments in recent economic reports, “output and employment remain far below their pre-pandemic levels.”

“The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” he added in the statement. “A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.”

Incrementally more positive developments in the pandemic’s spread across new hot spots also helped buoy stocks during Monday’s session. Texas reported a 2.9% one-day increase in new coronavirus cases for the lowest rise in a week, according to Bloomberg data, though intensive-care units in the Houston area remained strained. Florida’s cases rose 3.7%, or 1.8 percentage points below the average increase over the past seven days. California’s new-case rate, at 2.8%, also trailed its average over the past week.

9:33 a.m. ET: Stocks open flat

Here were the main moves in markets, as of 9:33 a.m. ET:

  • S&P 500 (^GSPC): +2.67 points (+0.09%) to 3,055.91

  • Dow (^DJI): -33.96 points (-0.13%) to 25,561.84

  • Nasdaq (^IXIC): +14.4 points (+0.1%) to 9,885.68

  • Crude (CL=F): -$0.65 (-1.64%) to $39.05 a barrel

  • Gold (GC=F): -$2.30 (-0.13%) to $1,778.90 per ounce

  • 10-year Treasury (^TNX): -0.8 bps to yield 0.628%

9:00 a.m. ET: Home-price growth held up in April despite pandemic

Home prices increased in April over last year even amid the coronavirus pandemic, according to the S&P CoreLogic Case-Shiller index. The index posted a 4.73% annual gain in April, up from March’s 4.35% rise. Consensus economists expected a 4.5% year-on-year rate.

The 20-City composite index, which tracks home prices in 20 major metropolitan areas, rose 3.98% in April, up from March’s 3.92% year on year gain. Consensus economists had expected the index to decelerate to a 3.8% pace.

7:23 a.m. ET: Stock futures tick down ahead of the opening bell

Here were the main moves in markets, as of 7:21 a.m. ET:

  • S&P 500 futures (ES=F): 3,042.5, down 5.25 points or 0.17%

  • Dow futures (YM=F): 25,430.00, down 67 points, or 0.26%

  • Nasdaq futures (NQ=F): 9,963.5, down 10.25 points, or 0.1%

  • Crude (CL=F): -$0.48 (-1.21%) to $39.22 a barrel

  • Gold (GC=F): +$1.40 (+0.08%) to $1,782.60 per ounce

  • 10-year Treasury (^TNX): unchanged to yield 0.636%

6:07 p.m. ET: Stock futures little changed

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:07 p.m. ET:

  • S&P 500 futures (ES=F): 3,047.25, down 0.5 points or 0.02%

  • Dow futures (YM=F): 25,482.00, down 15 points, or 0.06%

  • Nasdaq futures (NQ=F): 9,981.25, down 7.5 points, or 0.08%

Traders wearing masks work, on the first day of in person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid

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