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Stocks pare May gains as rate hike case builds

Stocks trim gains for the month of May as strong data has traders eying the Fed. Could this week job's report push the Fed over the rate hike edge? Plus - could the jobs report on Friday disappoint in one important area? We explain. And - the Never-Trump gang is promising a 3rd party candidate - we break down what it means for the race, and the markets. Catch The Final Round at 4p ET with Jen Rogers and markets correspondent Nicole Sinclair.

Winners and losers

Stocks in the red today include Osiris Therapeutics that a criminal inquiry has been opened in conjunction with an prior SEC investigation, beverage-maker Constellation Brands as couple funds cut stakes in the company, and Coca-Cola Enterprises - shares of the bottler falling after it completed its merger with two other European bottlers to form Coca-Cola European Partners.

Stocks pulling higher today include Celator Pharma on its merger with competitor Jazz Pharmaceuticals, ag firm Cliffs Natural on a JPMorgan upgrade, and SodaStream - the at-home beverage maker surging as it announces a new beer brewing product called Beer Bar.

Will a 3rd party candidate break through?

Over the weekend, conservative pundit Bill Kristol ignited a wave of speculation after he tweeted “Just a heads up over this holiday weekend: There will be an independent candidate--an impressive one, with a strong team and a real chance.” So what would happen if another candidate jumps in the race? And what would the implications for business be? Yahoo Finance columnist Rick Newman gives us all the angles.

Looking ahead

  • We'll get some big data from the automakers with vehicle sales for May. The consensus estimate is for a 17.4 million annualized rate, which would match April's reading.
  • We'll get a read on the manufacturing sector with ISM's Manufacturing index for May. The street's looking for a reading of 50.6, indicating sluggish growth.
  • Finally at 2p ET, the Federal Reserve releases its Beige Book, which compiles anecdotal evidence on economic conditions throughout the country. Traders will be looking for any rate hike clues ahead of the FOMC meeting, only two weeks away.