US stocks advance on strong job openings data

Factory orders, or new orders for manufactured goods, also rose 0.7% in April, in line with expectations and matching the increase in March. It was the third consecutive monthly increase.

The positive economic data overshadowed an earlier warning from the Organization for Economic Co-operation and Development. The OECD cut its U.S. growth outlook to 1.6%, down from 2.2% and urged more countries to strike trade deals to avoid an even sharper slowdown.

The U.S. is drafting letters asking countries to present their best trade offers by June 4, Reuters reported.

More: Long-term unemployment hits 2-year high as hiring slows amid economic uncertainty

Corporate news

Stocks to watch include:

• Constellation Energy shares added more than 1% after Meta Platforms inked a deal with the power company to buy the power generation of an Illinois nuclear plant for 20 years.
• Joby Aviation shares jumped 8.5% after the company said it entered a memorandum of understanding to explore opportunities to enter the Saudi Arabia market.
• Telehealth platform Hims & Hers Health said it will acquire European counterpart Zava. Shares slipped 1%.
• Signet Jewelers’ earnings in the first three months of its fiscal year topped analysts’ estimates. It also raised its annual profit outlook and lifted the low end of its sales guidance. Shares rallied 9.56%.
• Ford said it saw a 16% sales increase in May, marking the third consecutive year-over-over, double-digit sales increase for the automaker. Shares gained more than 2%.
• EchoStar said it won’t make about $183 million in cash interest payments on a series of Dish’s notes. The non-payment was made in light of recent uncertainty raised by the Federal Communications Commission, it said. Shares fell more than 7%.
• Chinese electric vehicle maker Nio reported a wider-than-expected quarterly loss. Shares renbounded and were last up about 2%.
• TSMC will only feel a limited impact from tariffs because the tariffs are typically paid for by importers, Chief Executive C.C. Wei said. He forecast revenue and earnings to hit new highs this year. Shares rose 1.55%.
• Parsons cuts its annual revenue outlook due to uncertainty from the State Department’s plan to restructure. Shares rose 6.19%.
• Dollar General raised its annual sales outlook, based on the assumption current tariffs rates would remain until mid-August  The discount retailer’s shares gained more than 14%.
• Pegasystem raised its full-year outlook above analysts’ forecasts. Shares added 3.5%.
• Credo Technology’s results in the last three months of its fiscal year beat analysts’ forecasts. Shares jumped almost 19%.