Stocks post modest gains after a choppy start to the week

US stocks rose slightly on Monday after the morning rally lost steam earlier in the session.

The S&P 500 rose 0.3% after rising more than 1% in early trading, and the Dow Jones Industrial Average closed above breakeven after doubling its gains by 300 points. The Nasdaq tech index rose 0.4%. The downward swing in equities came from session highs as the 10-year US Treasury bond index rose to 3%.

Three major indices struggled to recover from Friday’s heavy selling To round another week down On Wall Street. The declines came on the heels of a stronger-than-expected jobs report for May which showed employment kept at a slower but still strong pace last month – a sign of continued strength in the labor market expected to keep policy makers on track with interest rate hike plans.

“As Fed speakers constantly remind us that the path toward draining inflationary pressures from the economy will be ‘bumpy’ and ‘painful,’ the market agrees as it navigates between seeing the next recession around the corner to watching a still-healthy economic backdrop,” said Quincy Crosby, Chief Equity Strategist at LPL.

The May jobs report released by the Labor Department on Friday showed that 390,000 were added to the US economy in May, while unemployment remained at 3.6%.

Later this week, investors will get The latest measure of how quickly prices are rising Across the US when the Bureau of Labor Statistics released its latest consumer price index on Friday.

Headline CPI is expected to rise in May but remain flat from last month’s year-over-year reading. Economists expect the broader measure of the consumer price index to have risen 8.3% in May, On par with the progress of April. Over the course of the month, the CPI is expected to show an increase of 0.7% compared to 0.2% last month.

Federal Reserve officials are entering a blackout period this week, limiting the extent to which employees and members of the Federal Open Market Committee (FOMC) will be able to speak publicly or give interviews before their next policy-setting meeting scheduled for June 14-15.

In recent comments before Fedspeak paused this week, several policymakers gave a nod in public remarks to several 50 basis point rate increases ahead.

“Right now it’s very difficult to see the issue stop,” Vice President Lyle Brainard told CNBC in an interview Thursday. “We still have a lot of work to do to bring inflation down to our 2% target.”

4:00 PM ET: A choppy session for stocks in the green after choppy trading

This is where the S&P 500, Dow and Nasdaq finished another day of choppy trading:

1:54pm ET: Apple’s ‘Buy Now, Pay Later’ reveal throws weight on rival Affirm

Shares of a Buy Now Pay Later Company (AFRM(slide past the apple)AAPLHe said you will Offer a copy of the lending feature This will allow users to split the cost of purchasing Apple Pay into four equal payments, with no interest or late fees.

Industry leader Affirm saw its stock fall 5.5% to $23.72 following Apple’s announcement. The shares were down 3% to nearly $24 as of 1:54 PM ET.

The new service represents an expansion in the capabilities of Apple Wallet and a leap for Apple in the area of ​​premium payments – an increasingly competitive but controversial market.

Buy Now and Pay Later programs allow shoppers to defer payments to interest-free monthly installment plans, despite often exorbitant late fees.

Apple is entering the industry because it is under scrutiny from consumer protection advocates, including the Consumer Financial Protection Bureau (CFPB). In January, the watchdog requested information from Affirm and other BNPL providers Afterpay, Zip, PayPal and Klarna about concerns about the speed at which consumers accumulate debt with the tools, the lack of regulatory disclosures, and the lack of clarity about how user data is being collected.

However, BNPL has become a near $100 billion industry, offering attractive growth potential for Apple, which three years ago introduced its first credit card.

1:35 pm ET: Stocks pull back from morning highs, 10-year treasury up 3%

Here are the major moves in the markets as of 1:35 PM ET:

11:15 a.m. ET: Amazon shares soar after starting trading on their first stock split since 1999

Amazon shares (AMZN) It rose more than 4% during the first day of trading Since its 20-for-1 stock split.

The e-commerce giant told investors in March that it would receive an additional 19 shares for every share it owns on a split basis. Since the announcement, Amazon shares are down 12% (as of Friday’s close) along with a broad sell-off in the stock markets.

The move does not change the stock’s value or the company’s market value at the time of the split, but it does present an opportunity to make stock purchases more affordable for retail investors, which would put the company in a better position to run for entry into Dow Jones Industrial. Average.

Amazon’s latest stock split marks the fourth time it has made such a move since it went public in 1997.

9:30 a.m. ET: The S&P 500, Dow and Nasdaq are up after a week of loss

Here’s where the major indices traded at the start of the week:

7:16AM ET: Stock futures rise as indices aim to recover from weekly losses

Here are the main moves in futures trading ahead of Monday’s open:

  • S&P 500 futures contracts (ES = F.): +44.00 (+ 1.07%) to 4151.00

  • Dow futures contractsYM = F.): +262.00 (+0.80%) to 33150.00

  • Nasdaq futures contractsNQ = F.): +183.50 (+1.46%) to 12,734.50

  • raw (CL = F.): + $0.57 (+0.48%) to $119.44

  • He went (GC = F.): + $4.90 (+0.26%) to $1,855.10 per ounce

  • Treasury for 10 years (^ degeneration): +4.4 basis points to produce 2.9570%

Traders work inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 3, 2022. REUTERS/Brendan McDermid

Traders work inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, US, June 3, 2022. REUTERS/Brendan McDermid

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter Tweet embed

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