Dow up 300 points, Nasdaq under slight pressure after weaker-than-expected ISM manufacturing data

Stocks were trading near session highs late Monday morning, despite weaker-than-expected manufacturing data that offset optimism around the recovery of U.S. corporations from the COVID pandemic.

“Whether that pace [of manufacturing activity] can be maintained remains to be seen,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “Even a well-positioned and eager consumer sector could cool as price hikes accelerate, and the potential for supply-chain disruptions to slow production further could further curtail sales.”

Berkshire, helmed by billionaire investor Warren Buffett, over the weekend also reported first-quarter net income of $11.7 billion, compared with a loss of $49.7 billion, in the year-earlier period.Berkshire’s performance has helped to bolster confidence in equities to kick off May, traditionally a month associated with the start of a comparatively weak six-month seasonal stretch of trading. Of the S&P 500 companies that have reported results so far, 86% have beaten earnings expectations.

Looking ahead, investors are watching for further commentary from Federal Reserve Chairman Jerome Powell, who is scheduled to speak at 2:20 p.m. Eastern Time at the Just Economy conference, which is being held virtually.

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