Stocks, Oil and Bond Yields All Climb as Economic Data Improves

Economic data is improving, but manufacturers are struggling to meet rising demand, which could add to inflationary pressures.

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Here’s what happened in markets today.

June 1, 2021, 7:59 a.m. ET

June 1, 2021, 7:59 a.m. ET

Data delayed at least 15 minutes

Source: FactSet

By: Ella Koeze

Stocks were mostly unchanged on Tuesday as new data showed evidence of a strengthening global economic recovery but included signs that manufacturers are struggling to keep up with demand, which could increase inflationary pressures.

The S&P 500 and the Nasdaq composite ticked down less than 0.1 percent.

Commodities and bond yields saw gains, though they ended the afternoon well below their highs of the day.

The yield on 10-year Treasury notes was at 1.61 percent, up two basis points but down from 1.64 percent earlier in the day. West Texas Intermediate, the U.S. crude benchmark, gained 2.1 percent to $67.72 a barrel, as the Organization of the Petroleum Exporting Countries and its allied producers including Russia decided on Tuesday to continue gradually increasing production quotas.

Shares of AMC Entertainment, the world’s largest movie theater chain, jumped 23 percent. The company’s shares were caught up in a trading frenzy earlier this year, when small investors briefly pumped up so-called meme stocks. The volatility has continued, and on Tuesday, AMC shares closed at prices not seen since late 2016.

Measures of manufacturing activity in the both the United States and eurozone climbed in May to a record highs, according to IHS Markit. In Europe, the annual rate of inflation in the euro area rose to 2 percent in May, according to the first estimate by the European Union’s statistics agency, reaching the European Central Bank’s target for the first time since November 2018.

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