The Dow Jones Industrial Average (^DJI) was up 14.85 (0.03%) points today, reaching 51,935.47. Meanwhile, Dow Futures (YM=F) was down 25.00 (-0.05%) points. The primary narrative driving the market is the release of the May Personal Consumption Expenditures (PCE) price index, which showed a modest 0.1% monthly increase. This key inflation metric aligned with economist forecasts, suggesting that while price pressures are cooling, they remain sufficiently "sticky" to prevent the Federal Reserve from signaling immediate interest rate cuts, resulting in a cautious trading environment.
Leading the gainers, 3M (MMM) was up 3.70% to $148.62 following positive developments regarding its legal settlement obligations. Tech heavyweight Nvidia (NVDA) rose 1.77% to $225.01, fueled by sustained demand for AI infrastructure. The healthcare sector also provided significant support, with Johnson & Johnson (JNJ) up 1.61% to $227.63 and UnitedHealth Group (UNH) gaining 1.00% to reach $399.64. Additionally, Cisco Systems (CSCO) added 1.33% to hit $100.48, while Boeing (BA) climbed 0.61% to $238.21.
On the downside, IBM (IBM) was down 2.42% to $213.40 due to lingering concerns over consulting margins. Home Depot (HD) was down 2.14% to $303.85 as high mortgage rates continued to weigh on the housing and home improvement sectors. Salesforce (CRM) fell 1.64% to $168.45, and Sherwin-Williams (SHW) was down 1.36%. Other notable decliners included American Express (AXP), which was down 1.27% to $310.29, and Caterpillar (CAT), falling 1.22% to $901.99, as investors rotated into more defensive positions.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.