US stocks trade mixed as economic data signals continued recovery

Traders work during the closing bell at the New York Stock Exchange (NYSE) on March 18, 2020 at Wall Street in New York City

US stocks traded in a narrow range on Tuesday, with the Dow Jones leading the market higher. The S&P 500 and Nasdaq 100 both finished Tuesday’s trading session within 10 basis points of Friday’s closing prices.

ISM Manufacturing data for the month of May was 61.2, slightly above April’s reading of 60.7, and above analyst expectations of 60.9.

Even with Tuesday’s narrow trading range, the S&P 500 and Dow Jones are within striking distance of record highs, as both indexes are less than 1% away from the potential milestone.

Here’s where US indexes stood shortly after the 4:00 p.m. ET close on Tuesday:

Oil surged on Tuesday, hitting highs not seen since 2018 after OPEC+ members forecasted growing demand amid a global economic recovery. The oil group is expected to confirm its supply policies in an upcoming meeting. That surge sent oil stocks higher, with the sector up as much as 3% in Tuesday trades.

Electric truck startup Rivian Automotive is said to be seeking a $70 billion valuation when it goes public later this year, according to a report from Bloomberg. The company was last valued at $27.6 billion in January.

Reddit meme stocks continued to soar on Tuesday, with movie-theater chain AMC Entertainment up as much as 20%. The company raised $230.5 million from the sale of stock to a private investment firm. Blackberry also surged as much as 10% in Tuesday trades.

Shares of Nio were higher in Tuesday trades following an upgrade from Citi, which said the stock could jump 50% on demand for electric vehicles in China.

Oil prices were higher. West Texas Intermediate crude rose 2.4%, to $67.93 per barrel. Brent crude, oil’s international benchmark, jumped 1.7%, to $70.50 per barrel.

Gold fell 0.1%, to $1,902 per ounce.

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