Stock market news live updates: Stocks steady in final session of June – Yahoo Finance

Stocks were slightly lower Tuesday morning, with the final session of the month and quarter under way.

The S&P 500 and Dow were on track to post gains of less than 1% for the month of June. The Nasdaq Composite outperformed amid a broad tech rally, with the index pacing toward a monthly advance of more than 4%.

But all three major indices headed toward double-digit percentage gains for the second quarter, following a surge off March’s lows. The Nasdaq tracked toward a 28% second-quarter gain. The Dow and S&P 500 were set to post gains of more than 16% and 18%, respectively.

BA), which surged 14% during the regular session after the Federal Aviation Administration began its long-awaited test flights for the 737 Max. The aircraft manufacturer pared some gains, dipping more than 4% for the biggest drop in the 30-stock Dow.

announcing it would be acquiring the home fitness startup Mirror, putting it in competition with indoor cycling company Peloton (PTON). Shares of Peloton steadied after falling overnight, and the stock had more than doubled for the year to date through Monday’s close as Wall Street bet on the resilience of the workout-from-home phenomenon in the face of the coronavirus pandemic.” data-reactid=”20″>Elsewhere, shares of Lululemon (LULU) extended gains after announcing it would be acquiring the home fitness startup Mirror, putting it in competition with indoor cycling company Peloton (PTON). Shares of Peloton steadied after falling overnight, and the stock had more than doubled for the year to date through Monday’s close as Wall Street bet on the resilience of the workout-from-home phenomenon in the face of the coronavirus pandemic.

WFC) also fell after the company announced plans to slash its dividend, following the Federal Reserve’s announced restrictions on bank payouts last week in its stress test results. Peer big banks including Bank of America (BAC), Citigroup (C), Morgan Stanley (MS) and Goldman Sachs (GS) left their third-quarter dividends unchanged, however, and shares of these banks traded slightly higher overnight.

In prepared remarks released ahead of time, Powell noted that despite some more upbeat developments in recent economic reports, “output and employment remain far below their pre-pandemic levels.”” data-reactid=”24″>Federal Reserve Chair Jerome Powell began delivering testimony before the House Financial Services Committee alongside U.S. Treasury Secretary Steven Mnuchin Tuesday afternoon In prepared remarks released ahead of time, Powell noted that despite some more upbeat developments in recent economic reports, “output and employment remain far below their pre-pandemic levels.”

“The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” he added in the statement. “A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.”

Incrementally more positive developments in the pandemic’s spread across new hot spots also helped buoy stocks during Monday’s session. Texas reported a 2.9% one-day increase in new coronavirus cases for the lowest rise in a week, according to Bloomberg data, though intensive-care units in the Houston area remained strained. Florida’s cases rose 3.7%, or 1.8 percentage points below the average increase over the past seven days. California’s new-case rate, at 2.8%, also trailed its average over the past week.

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10:50 a.m. ET: Dow rises to join S&P 500, Nasdaq in positive territory

The Dow turned slightly positive mid-morning Tuesday as a more than 1% rise in shares of Intel, Goldman Sachs and Procter & Gamble – along with gains in some other components – offset a more than 5% drop in shares of Boeing.

S&P CoreLogic Case-Shiller home price index added to a slew of recent data underscoring the strength of the housing market and residential home demand, despite the outbreak.

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10:01 a.m. ET: Consumer confidence jumped more than expected in June

A closely watched measure of consumer confidence jumped more than expected in June over May as lockdowns eased earlier this month.

The Conference Board’s Consumer Confidence Index rose to 98.1 in June, rebounding from May’s reading of 85.9 in the index’s largest jump since 2011. The level was still, however, down sharply from its average reading of about 126 in 2019.

Subindices tracking consumers’ assessments of current business and labor market conditions, along with their assessments toward future conditions, also each rose in June over May.

said in a statement. “The re-opening of the economy and relative improvement in unemployment claims helped improve consumers’ assessment of current conditions, but the Present Situation Index suggests that economic conditions remain weak.”” data-reactid=”36″>”Consumer Confidence partially rebounded in June but remains well below pre-pandemic levels,” Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement. “The re-opening of the economy and relative improvement in unemployment claims helped improve consumers’ assessment of current conditions, but the Present Situation Index suggests that economic conditions remain weak.”