Undaunted by the constantly-changing tariff landscape, stocks continued to move higher in May and appear to be committed to continuing that trend at the beginning of June.
Also on the move were gold and silver, the latter gaining more than five percent on the day, rising to $34.93 after closing last week at $33.08. Gold was up substantially, finishing at $3,414.60, though outpaced by silver, sending the gold:silver ratio back below 100 for now, a trend that should continue, as the ratio has been well out of its usual range since early April. Both metals retreated Tuesday morning, but continue to out-pace stocks year-to-date. Gold is up 28%, silver, 18%.
Crude oil also got a boost on Monday, even after OPEC announced another round of higher production quotas. The usual noise from financial news was that the gains - WTI moving from $60.79 on Friday to as high as $63.69 Monday - were due to increased tensions in the ongoing Ukraine-Russia conflict. More likely, trading hijinks accounted for most of the boost in prices.
Shares of discount retailer Dollar General (DG) soared more than nine percent in pre-market trading after the company reported EPS of $1.78 on net sales of $10.44 billion. Analysts had projected $1.47 and $10.26 billion, respectively. Revenue was up five percent from a year ago. EPS was up from $1.65 reported in the first quarter of 2024.
Dollar General also raised its full-year outlook to a range of $5.20 to $5.80, the company saying that tariff costs could be mitigated going forward.
As the markets prepare for the opening bell, futures suggest a flat start to the cash session. Dow futures are down 70 points. NASDAQ and S&P futures are essentially flat.
At the Close, Monday, June 2, 2025:
Dow: 42,305.48, +35.41 (+0.08%)
NASDAQ: 19,242.61, +128.85 (+0.67%)
S&P 500: 5,935.94, +24.25 (+0.41%)
NYSE Composite: 19,834.78, +50.97 (+0.26%)
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