US stocks closed mixed on Monday to kick off a volatile first trading day of June.
The tech-heavy Nasdaq Composite (^IXIC) finished the day in positive territory, up about 0.6%, after flip flopping throughout the trading session. The benchmark S&P 500 (^GSPC) did the same, rising about 0.1% while the Dow Jones Industrial Average (^DJI) recovered from steeper losses to shed more than 100 points, or around 0.3%.
A weaker-than-expected reading on the manufacturing sector pushed the major averages lower as investors debate the future path of Fed rate cuts. Bond yields also moved to the downside, with the 10-year Treasury yield (^TNX) falling about 11 basis points to trade near 4.40%.
Meanwhile, a surge in GameStop (GME) shares grabbed the spotlight, firing up speculation again of a return to a 2021-style meme rally. The stock skyrocketed over 100% at one point after a Reddit post apparently by Keith Gill — aka "Roaring Kitty" — showed a big bet by the influential trader. Fellow meme darling AMC's (AMC) shares shot up as much as 27% alongside the move.
Shares of GME, which were briefly halted for volatility, pared gains to about 20%. AMC finished the day up roughly 10%.
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