Stocks rise following strong report on US manufacturing
Stocks were mostly higher in early trading Tuesday as investors returned from a three-day holiday weekend in the U.S, helped by economic data that showed manufacturing growing steadily as the coronavirus pandemic wanes in the U.S.
The S&P 500 index was up 0.1% as of 10:05 a.m. Eastern. The Dow Jones Industrial Average rose 0.3% and the Nasdaq slipped 0.1%.
The Institute for Supply Management reported that manufacturing picked up again in May. The ISM"s manufacturing index came in at 61.2 last month, much better than the 60.6 expected by economists surveyed by FactSet.
The growth in manufacturing came despite supply shortages that have plagued many manufacturers for weeks, particularly those who require semiconductors.
It's the latest piece of economic data that has shown the U.S. economy growing quickly out of the coronavirus pandemic. Investors will get jobs data later this week, which is expected to show that U.S. employers created 663,000 jobs last month.
Bond yields rose. The yield on the 10-year Treasury note climbed to 1.64% from 1.59% Friday. U.S. markets were closed Monday for Memorial Day.
AMC jumped 12% after the movie theater operator announced a stock sale. AMC, whose stock is up more than 1,000% this year, is one of a handful of companies that gained the attention of a group of online retail investors earlier this year, along with companies like GameStop.