The US stock market ended the session on Friday, the first trading day of the third quarter, with the growth of the main indicators, which recovered from losses in early trading ahead of the long weekend.
The value of the Dow Jones at the end of trading on Friday increased by 1.05% to 31097.26 points.
The Standard & Poor’s 500 rose 1.06% to 3,825.33 points.
The Nasdaq Composite gained 0.9% to 11,127.85 points.
Meanwhile, at the end of the week, all three indicators showed a decrease: Dow Jones lost 1.3%, S&P 500 – 2.2%, Nasdaq – 4.1%.
The US stock exchanges are closed on Monday on the occasion of Independence Day celebrations.
Market participants on Friday evaluated statistical data and a fresh batch of corporate news.
The index of business activity in the US manufacturing sector (ISM Manufacturing) in June fell to 53 points compared with 56.1 points a month earlier, according to data from the Institute of Supply Management (ISM). This is the minimum level for the last two years. Experts on average expected a less significant decline – up to 54.9 points, according to Trading Economics.
The index value above 50 points indicates an increase in business activity in the manufacturing sector, below – its weakening.
The American manufacturer of memory chips Micron Technology Inc (NASDAQ:MU). increased net profit in the third fiscal quarter of 2022 by 1.5 times, revenue – by 16%, however, the company gave a forecast for the current quarter that did not meet analysts’ expectations. The company’s shares fell by 2.95% following the results of trading.
Kohl’s Corp. Papers collapsed by 19.64%. The American retailer has confirmed that it has stopped negotiations with the Franchise Group Inc. holding company on the sale of the business. In addition, the company lowered its revenue forecast for the second fiscal quarter, citing a decrease in consumer spending amid high inflation.
Meanwhile, shares of automaker General Motors (NYSE:GM) Co. rose 1.35%, although the company disappointed investors with its profit forecast for the second quarter of this year amid a shortage of semiconductor components.
McDonald’s Corp. stock quotes up 2.5%, Coca-Cola Co (NYSE:KO). – by 2.4%, Boeing Co. (SPB: NYSE:BA) – by 2.3%. The growth of these securities contributed to the rise of the Dow Jones Industrial Average.