S&P 500 is little changed to start the week as benchmark tries to build on records: Live updates – CNBC

Nvidia shares rose 1.4% to a record high. The company has been doing well this year as the artificial intelligence craze continues. But Monday’s gains were short-lived, with the stock falling 0.6%.

Manufacturing activity in the New York region improved, with the six-month outlook surging to its highest level since early 2022, according to a survey released by the Federal Reserve on Monday.

The Empire State Manufacturing Index, while still negative, improved to -6 in June, up 9.6 points from May and beating the Dow Jones consensus forecast of -10.5.

The survey also showed that the general business environment expectations index surged 15.6 points from the previous month to 30.1. Other indicators showed a significant improvement in new orders and delivery times, while the price index declined but remained positive.

The survey documents the difference in the percentage of expanding and shrinking businesses.

Jeff Cox

Let’s take a look at some of the companies that are garnering attention before the bell rings.

• Toll Brothers — The homebuilder’s shares rose 1.3% after Goldman Sachs upgraded the company to neutral from sell, citing near-term gains from customization and upgrades and continued strength in new-home sales.
• Best Buy — The stock rose more than 3% after UBS upgraded its rating to buy from neutral, saying new products and an upgrade cycle for consumer electronics could boost the stock.
• Autodesk — The software company rose 4% on news that activist fund Starboard Value had acquired a $500 million stake in the company as Starboard considers legal action amid concerns over delays in disclosing an internal investigation.

You can see the complete list here.

— Kim Hagyeong

European markets opened higher on Monday as investors shrugged off last week’s negative sentiment and looked forward to the Bank of England’s latest interest rate decision.

The pan-European Stoxx 600 index was up 0.3% at the open, with all major exchanges and most sectors posting positive results.

France’s CAC 40 rose 0.8%, recovering from a drop of more than 6.2% last week and its worst weekly drop since March 2022. Meanwhile, Britain’s FTSE 100 rose 0.3%, Germany’s DAX added 0.7% and Italy’s MIB rose 1.2%.