Stocks wobble as second half begins, Nvidia falls: live updates

Cruise line stocks fell Monday as a powerful storm worried investors.

Norwegian Cruise Line and Carnival both fell nearly 5%, while Royal Caribbean fell more than 2%.

The drop comes as the southeastern Caribbean region braces for Hurricane Beryl, a Category 4 storm expected to make landfall Monday. Its strength and early timing could fuel fears about what the hurricane season has in store, which in turn could alarm traders who don’t want to see weather-related cancellations.

With Monday’s declines, Norwegian and Carnival are now down more than 11% and 4%, respectively, for the year. Royal Caribbean has outperformed its peers, climbing more than 20% so far in 2024.

-Alex Harring

The U.S. manufacturing sector moved further into contraction territory in June, according to the Institute for Supply Management’s monthly survey of purchasing managers.

The ISM manufacturing index came in at 48.5%, representing the share of executives reporting expansion for the month, down 0.2 percentage points from May. A reading below 50% indicates contraction. Economists polled by Dow Jones had expected 49.2%.

Elsewhere in the survey, the price index slipped to 52.1%, down 4.9 percentage points, while new orders rose 3.9 percentage points to 49.3%.

Separately, construction spending fell 0.1% in May, compared to the consensus estimate of a 0.2% increase, according to the Census Bureau.

—Jeff Cox

Stocks opened higher on Monday as the second half of 2024 trading got underway.

The S&P 500 added 0.2%, while the Nasdaq Composite gained 0.1%. The Dow Jones Industrial Average added 200 points, or 0.5%.

—Brian Evans

Bitcoin and stocks whose performance is linked to cryptocurrency moved in the green to start the month of July on Monday.

Bitcoin rose 5% over the weekend, starting the week at $62,000, according to Coin Metrics. Investors expect recent weakness (bitcoin recently slipped toward the lower end of the $60,000-$70,000 range it has been stuck in since March) to persist into July, but are optimistic about the second half of the year.

Coinbase and MicroStrategy each rose about 2% in premarket trading. Mining stocks — including CleanSpark, Iris Energy, Riot Platforms and Marathon Digital — were in the green across the board.

To learn more about Bitcoin’s near-term downside risk, read our July outlook here.

— Tanaya Machel

See the companies making headlines before the bell.

Birkenstock — The shoe maker jumped 3.5% after UBS raised its rating on the stock from neutral to buy. The investment bank cited higher average selling prices and strong growth in the Asian market.

Chewy, GameStop — Shares of Chewy soared more than 16% after a regulatory filing showed that stock trader “Roaring Kitty” bought 9 million shares, representing a 6.6% stake in the online pet food retailer. Fellow favorite GameStop fell nearly 7%.

Boeing, Spirit AeroSystems — Boeing said Monday it will buy fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Boeing shares fell 0.3%, while Spirit AeroSystems shares jumped 4.5%.

The full list can be found here.

-Hakyung Kim

Boeing has agreed to buy fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal. Including debt, the deal values ​​Spirit at more than $8 billion. Boeing shares were down nearly 1% in premarket trading, while Spirit shares were up 4.2%.

Nvidia shares fell more than 2% in premarket trading, putting the AI ​​darling on track to start the second half of the year on a sour note. The chipmaker soared about 150% in the first six months of 2024 as investors added to bets that artificial intelligence would help boost profits.

European stocks were higher on Monday morning, with the regional Stoxx 600 index rebounding from four straight losses to trade 0.45% higher.

France’s CAC 40 index led the gains, adding 1.4% by 10am London time, as investors assessed results from the first round of parliamentary elections that suggested no party could end up with an absolute majority. Markets were rattled by proposals from the far-right and left-wing coalition.

Britain’s FTSE 100 and Germany’s DAX were both up around 0.4%.

—Jenni Reid

Here are the main averages as we approach the second half of the season:

Dow Jones Industrial Average:

• Gained 1.1% in June for its seventh positive month in eight months
• Fell 1.7% for its first negative quarter in three
• Up 3.8% over the year

S&P 500:

• Addition of 3.5% in June for a seventh positive month out of eight
• Gained 3.9% for sixth positive quarter in seven
• Up 14.5% in 2024

Nasdaq Composite:

• Jumped 6% in June for a seventh positive month in eight
• The company grew 8.3% during the quarter for its third consecutive positive quarter, the first time since a five-quarter streak ending in the second quarter of 2021.
• Up 18.1% this year

— Samantha Subin, Chris Hayes