Stock Market Live June 3: US GDP Growth Outlook Lowered, S&P 500 (VOO) Falls
Key Points
- Constellation will provide 1.1 GW of nuclear power to Meta for the next 20 years.
- OECD lowers GDP growth forecasts for the US, and for the world.
- Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don’t waste another minute; learn more here.(Sponsor)
Live Updates
Get The Best Advance Auto Parts Live Earnings Coverage Like This Every Quarter
Get earnings reminders, our top analysis on Advance Auto Parts, market updates, and brand-new stock recommendations delivered directly to your inbox.
Chips Stocks Power S&P 500 Revival
Helped by strong gains among semiconductor stocks and S&P 500 component companies Nvidia (Nasdaq: NVDA), Micron (Nasdaq: MU), and Broadcom (Nasdaq: AVGO), up 2.8%, 3.3%, and 4.2%, respectively, the Vanguard S%P 500 ETF gained 0.6% Tuesday, closing at 548.00.
Carnival Price Target Upped
Loop Capital raised its price target on Carnival Corporation (NYSE: CCL) to $22 per share. Loop remains bullish on the cruise sector despite the macro concerns, citing continued robust demand among tourists.
Ford Sales Surge, Investors Shrug
S&P 500 component company Ford Motor Company (NYSE: F) reports its May U.S. sales increased 16.3% to 220,959 vehicles. Electric vehicle sales were 29,442, up 10.7% year over year. Internal combustion vehicle sales were 191,517, up 17.2%.
Ford stock is up only 0.3% on the news, though, hardly affecting the overall S&P 500 performance at all.
This article will be updated throughout the day, so check back often for more daily updates.
The Organisation for Economic Co-operation and Development lowered its growth outlook for the U.S. economy this morning, sapping support for the Vanguard S&P 500 ETF (NYSEMKT: VOO), which is trading down 0.1% premarket.
After growing 2.8% in 2024, US gross domestic product is estimated to grow only 1.6% in 2025, and then to slow further, growing only 1.5% in 2026, according to the OECD. The organization blamed tariffs turmoil, which is making it difficult for companies to plan ahead for growth, as well as cuts to immigration and the federal workforce, for the smaller numbers.
Global growth estimates are also lower, but at 3.3% and 2.9%, respectively, it looks like the rest of the world is going to grow about twice as fast as the U.S. in 2025 and 2026.
In more positive news, Constellation Energy (Nasdaq: CEG) announced this morning it has signed a 20-year power supply deal with Meta (Nasdaq: META) to provide about 1.1 gigawatts of nuclear energy for the latter company’s artificial intelligence server farms. Constellation’s Clinton Clean Energy Center nuclear reactor in Illinois will provide the power.
Constellation stock is up more than 11% on the news.
Earnings
S&P 500 component company Dollar General (NYSE: DG) reported an earnings beat this morning, sending its shares up 10% in the premarket. Dollar General reported $1.78 per share in profit on $10.4 billion in Q1 sales, beating on both top and bottom lines.
Analyst Calls
Truist Securities upgraded Oshkosh (NYSE: OSK) stock to buy, and raised its price target to $127 a share. The stock is “too cheap to ignore,” said Truist, and indeed “the cheapest name within our Machinery coverage universe.”
Redburn-Atlantic analyst Sam Hudson upgraded Advance Auto Parts (NYSE: AAP) to neutral with a $45 price target. Although Advance “is yet to make meaningful progress with its turnaround,” the analyst expects it “to accelerate comp and EPS growth” in the second half of this year.
© ABBPhoto / iStock via Getty Images
Top Gaining Stocks
Top Losing Stocks