The markets are mixed, but off their worst levels of the day after ISM corrected its manufacturing report from earlier this morning.
The Dow is up 25 points (0.1%), the S&P 500 is up 1 point (0.05%), and the Nasdaq is down 15 points (0.4%).
ISM’s manufacturing reading for May came in at 55.4, up from this morning’s earlier incorrect reading of 53.2. Following ISM’s report, analysts at Stone & McCarthy on Twitter said they believe ISM used April’s seasonal adjustments and not May’s, resulting in an incorrect headline print. Seasonal adjustements include weather conditions and differences attributable to certain holidays, among other factors.
Also this morning, Markit’s May manufacturing PMI increased to a three-month high of 56.4, better than April’s 55.4 reading and the 56.2 reading expected by economists.
U.S. consumer spending also hit a six-year high, according to data from Gallup.
The market is also abuzz following reports that Carl Icahn, Phil Mickelson, and Las Vegas sports bettor Billy Walters are the subject of an insider trading investigation.
We’ve got more on Walters here, the least-known member of the three.
Apple is also kicking off its annual developers conference, WWDC, today in San Francisco, with a keynote address expected for 1:oo pm ET.
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