D.R. Horton and other homebuilder stocks rose on Monday. This was due to a drop in Treasury yields and President Donald Trump calling for the Federal Reserve to cut interest rates. The stock market was slightly higher at midday.
A private sector hiring report missed estimates, which led to falling bond yields. Tesla sales dropped in key European markets in May. These markets included Britain, Germany, and Italy.
However, sales improved in Norway, boosted by the revamped Model Y. RV maker Thor Industries saw its shares rise. The company beat profit and sales estimates.
This was driven by increased demand in North America and cost reduction efforts. Wells Fargo shares increased as the Federal Reserve lifted the asset cap. The cap was imposed seven years ago following various scandals at the bank.
Homebuilders gain amid lower yields
Dollar Tree was the worst-performing stock in the S&P 500. Shares fell after the retailer warned of a potential 50% profit hit in the current quarter.
This is due to costs from new U.S. tariffs. Shares of CrowdStrike Holdings dropped. The cybersecurity firm issued weak guidance.
The company continues to face challenges stemming from a global IT outage last year. Oil futures declined on Monday, while gold prices rose. The U.S. dollar weakened against the euro, pound, and yen.
Cryptocurrencies had a mixed performance. The U.S. stock market saw mixed movements. Some sectors benefited from lower interest rates.
Others faced pressures from global challenges. Investors continue to watch for key economic indicators and policy decisions affecting the market.