Dow Jones Industrial Average (DIA) Live June 3: OECD Cuts US GDP Forecast, DIA Dives
This article will be updated throughout the day, so check back often for more daily updates.
The SPDR Dow Jones Industrial Average ETF Trust (DIA) (NYSEMKT: DIA) opened down 0.1% this morning after the Organisation for Economic Co-operation and Development lowered its growth outlook for the U.S. economy. According to OECD, the US economy that grew 2.8% in 2024 will slow to only 1.6% growth this year, then slow again to 1.5% in 2026.
Global growth forecasts are about twice as fast: 3.3% in 2025, and 2.9% in 2026 — so no wonder investors aren’t happy with the U.S. news!
At the same time, Constellation Energy (Nasdaq: CEG) investors are very happy today. The nuclear power utility just announced it has signed a 20-year deal to supply Meta (Nasdaq: META) with 1.1 gigawatts of nuclear energy annually for the latter’s artificial intelligence server farms. Constellation stock is up about 7% on the news.
Earnings
Investors in Dollar General (NYSE: DG) are another group that is happy today. Stock in the five-and-dime chain operator opened 10% higher after reporting earnings and sales beats this morning. Dollar General reported $1.78 per share in profit on $10.4 billion in Q1 sales, both higher than analysts had forecast.
Analyst Calls
Returning to bad news, Jefferies just downgraded miner Rio Tinto (NYSE: RIO) stock to hold on worries over “geopolitical factors, capital allocation and capex risks, strategic risks, and, at the margin, valuation.”
In other industrials news, Itau BBA downgraded Cemex (NYSE: CX) to market perform with a $7.50 price target.
In healthcare, Berenberg cut GlaxoSmithKline (NYSE: GSK) stock to hold, citing investor worries over “2028+ HIV patent expiry fears.”
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