Dow Jones Industrial Average (DIA) Live June 3: OECD Cuts US GDP Forecast, DIA Dives
Key Points
- The OECD lowered US GDP forecasts for 2025 and 2026 today.
- Meta and Constellation are teaming up in a nuclear power supply agreement that will last 20 years.
- It sounds nuts, but SoFi is giving new active invest users up to $1k in stock, see for yourself (Sponsor)
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Nvidia Drives Stock Market Higher
Strong performance from Dow Jones Industrial Average component company Nvidia (Nasdaq: NVDA) helped to drive the index higher Tuesday. Nvidia stock gained 2.8% on the day, and the DIA (Diamonds) ETF closed up 0.5% at 425.93.
UnitedHealth Price Target Cut
Piper Sandler lowered its price target on UnitedHealth (NYSE: UNH) stock to $353 citing “considerable execution risk” and warning the company has a 3-year turnaround ahead of it.
Ford Sales Rise
Ford Motor Company (NYSE: F) reports its May U.S. sales increased 16.3% to 220,959 vehicles. EV sales were 29,442, up 10.7% year over year, and internal combustion vehicle sales were 191,517, up 17.2%.
This article will be updated throughout the day, so check back often for more daily updates.
The SPDR Dow Jones Industrial Average ETF Trust (DIA) (NYSEMKT: DIA) opened down 0.1% this morning after the Organisation for Economic Co-operation and Development lowered its growth outlook for the U.S. economy. According to OECD, the US economy that grew 2.8% in 2024 will slow to only 1.6% growth this year, then slow again to 1.5% in 2026.
Global growth forecasts are about twice as fast: 3.3% in 2025, and 2.9% in 2026 — so no wonder investors aren’t happy with the U.S. news!
At the same time, Constellation Energy (Nasdaq: CEG) investors are very happy today. The nuclear power utility just announced it has signed a 20-year deal to supply Meta (Nasdaq: META) with 1.1 gigawatts of nuclear energy annually for the latter’s artificial intelligence server farms. Constellation stock is up about 7% on the news.
Earnings
Investors in Dollar General (NYSE: DG) are another group that is happy today. Stock in the five-and-dime chain operator opened 10% higher after reporting earnings and sales beats this morning. Dollar General reported $1.78 per share in profit on $10.4 billion in Q1 sales, both higher than analysts had forecast.
Analyst Calls
Returning to bad news, Jefferies just downgraded miner Rio Tinto (NYSE: RIO) stock to hold on worries over “geopolitical factors, capital allocation and capex risks, strategic risks, and, at the margin, valuation.”
In other industrials news, Itau BBA downgraded Cemex (NYSE: CX) to market perform with a $7.50 price target.
In healthcare, Berenberg cut GlaxoSmithKline (NYSE: GSK) stock to hold, citing investor worries over “2028+ HIV patent expiry fears.”
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