NEW YORK (CNNMoney)
Here are five things you need to know about Monday's market action:
1. Another day, another record: U.S. stocks opened flat to slightly higher in the first day since investors closed out the record-setting month of May. The early gains were enough to push the Dow Jones industrial average and S&P 500 to fresh all-time highs. A positive finish would represent the Dow's sixth record close this year and the S&P 500's 15th.
The Dow went as high as 16,740 this morning, and the S&P 500 hit 1,925 for the first time, but both indexes are now slightly negative.
The Nasdaq, which also had a strong May, quickly lost ground, trading down more than 0.4% by midmorning. The index is being dragged lower by tumbling shares of Google (GOOG), Tesla (TSLA) and Facebook (FB). Biotech stocks like Biogen (BIIB) were also in reverse.
Related: These stock market 'records' actually aren't that great
2. Big movers -- Apple, Broadcom, Gannett, Protective Life: Shares of Broadcom (BRCM) bounced 12% after the company revealed it is considering a possible sale of its cellular baseband business. The chip maker said a sale or wind down could generate $700 million in savings.
Gannett (GCI) rose 2% after Barron's argued the media company could surge 40%, especially if it follows in the footsteps of peers by spinning off its publishing assets like USA Today.
Protective Life (PL) surged 15% amid reports that Japan's Dai-ichi Life Insurance is considering acquiring the Alabama-based company.
Related: 5 sizzling stocks in May
Apple (AAPL) could see its stock gyrate a lot this week based on developments out of its Worldwide Developers Conference, which kicks off on Monday in San Francisco. Investors are eager to learn more about Apple's efforts to enter new product categories.
The stock traded as high as $644 on Friday after the Beats deal closed and in anticipation of this week's conference. That's the closest the stock has been to its all-time high just over $700 from September 2012.
Related: Apple stock: How high can it go?
Shares of American Realty Capital Healthcare Trust (HCT)raced 10% higher after it agreed to be sold to Ventas (VTR) for $2.6 billion in cash and stock. Both companies are health care real-estate investment trusts, or REITs.
Energy and utility stocks were largely unmoved by the sweeping EPA rules unveiled on Monday aimed at slashing the power sector's carbon emissions 30% by 2030.
3. Positive data from China: A reading of manufacturing activity in China released over the weekend showed the country's factory sector continued to strengthen after a rough start to the year.
The data has boosted investor confidence, but not everyone was able to react to the news since a handful of Asian markets were closed for a holiday. The Nikkei in Japan surged by just over 2%.
Related: Fear & Greed Index: Still in neutral
4. Economic data and earnings: Investors received some disappointing news on the manufacturing front. The Institute for Supply Management's manufacturing index unexpectedly dipped to 53.2 in May from 54.9 in April. That means the pace of manufacturing expansion slowed a bit.
Hertz Global (HTZ), Krispy Kreme (KKD) and Quicksilver (ZQK) will report earnings after the closing bell.
Related: CNNMoney's Tech30
5. International movements: European markets were slightly higher in midday trading, with the FTSE 100 in London and the Dax 30 in Germany outpacing CAC 40 in France.
The main stock market index in Spain is up around 0.25%. It was higher earlier in the day, with investors unfazed by news that King Juan Carlos is abdicating (or perhaps welcoming it). Markets were more interested in weekend news of an economic stimulus package, including a cut in the corporate tax rate to 25% from 30%.
First Published: June 2, 2014: 9:52 AM ET
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