US close: Dow Jones and S&P 500 close lower, Nasdaq edges higher

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(Sharecast News) – Wall Street stocks turned a mixed performance on Monday despite ongoing optimism regarding the US economy reopening in the summer.
At the close, the Dow Jones Industrial Average was down 0.36% at 34,630.24, while the S&P 500 was 0.08% weaker at 4,226.52 and the Nasdaq Composite saw out the session 0.49% firmer at 13,881.72.

The Dow Jones closed 126.15 points lower on Monday, taking a bite out of gains recorded on Friday after a key jobs report showed the US unemployment rate had dropped to 5.8% as 559,000 jobs were added to the economy in May.

In focus throughout the session, G7 nations reached an agreement on global tax reform over the weekend, pushing for the world’s largest firms to shell out a minimum of 15% tax on earnings, lower than Joe Biden’s initial suggestion of a minimum 21% tax rate.

In the corporate space, tech stocks were in the green at the close, with the likes of Zoom and Tesla both higher at the end of trading and helping the Nasdaq Composite to a positive session, while Visa stock also traded higher on the back of an upgrade from analysts at Piper Sandler.

Speculative stocks like GameStop, AMC and BlackBerry all ended the day in positive territory – all up double-digits at the close.

On the macro front, consumer lending figures for April came in lower than anticipated, with outstanding consumer credit at $18.6bn, short of the $22.0bn expected by analysts on the Street. The prior month was also downwardly revised from $25.84bn to $18.58bn.