Stocks waver to start the second half, Nvidia falls: Live updates

* Cruise stocks took a dip on Monday due to concerns about Hurricane Beryl, a Category 4 storm expected to make landfall in the southeastern Caribbean region. Norwegian Cruise Line, Carnival, and Royal Caribbean dropped by nearly 5%, 5%, and more than 2%, respectively. The decline may be due to fears of weather-related cancellations.
* The market has risen in July for the past several years, with the Dow, S&P 500, and Nasdaq Composite all posting gains every July since 2014. In 2022, for example, the S&P 500 and Nasdaq jumped more than 9% and 12%, respectively, in the month.
* The U.S. manufacturing sector edged further into contraction territory in June, according to the Institute for Supply Management’s monthly survey of purchase managers. The ISM manufacturing index came in at 48.5%, representing the share of managers who reported expansion for the month, down 0.2 percentage point from May.
* Stocks opened higher on Monday as the second half of trading in 2024 kicked off. The S&P 500 added 0.2%, while the Nasdaq Composite gained 0.1%. The Dow Jones Industrial Average added 200 points, or 0.5%.
* Bitcoin and crypto stocks started July on a positive note, with bitcoin rising 5% over the weekend to start the week at the $62,000 level. Coinbase and MicroStrategy were each up about 2% in premarket trading, while mining stocks also saw gains.
* Birkenstock jumped 3.5% after UBS upgraded shares to buy from neutral, citing higher average sales prices and strong growth in the Asia market. Chewy soared more than 16% after meme stock trader “Roaring Kitty” bought 9 million shares, amounting to a 6.6% stake in the pet food e-commerce retailer. Boeing agreed to buy back fuselage maker Spirit AeroSystems in a $4.7 billion all-stock deal.
* Nvidia shares slipped more than 2% in premarket trading, putting the AI darling on track to start the second half of the year on a sour note. The chipmaker soared about 150% in the first six months of 2024.
* European stocks were higher on Monday morning, with the regional Stoxx 600 index rebounding from four straight losses to trade up 0.45%. France’s CAC 40 index led gains, adding 1.4%.
* As the second half of the year begins, the Dow Jones Industrial Average gained 1.1% in June for its seventh positive month in eight, fell 1.7% for its first negative quarter in three, and is up 3.8% for the year. The S&P 500 added 3.5% in June for a seventh positive month in eight, gained 3.9% for a sixth positive quarter in seven, and is up 14.5% in 2024. The Nasdaq Composite jumped 6% in June for a seventh positive month in eight, gained 8.3% in the quarter for its third positive quarter in a row for the first time since a five-quarter streak ending in the second quarter of 2021, and is up 18.1% this year.

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