Stocks rebound despite global bond yields hitting record lows

Stocks rebound as US factory data improves, but gold is jumping and bond yields across the globe are tumbling to record lows. Catch The Final Round at 4 p.m. ET with markets correspondent Nicole Sinclair and the Wall Street Journal’s Greg Zuckerman, as they break down today’s market action.

Winners and losers

Stocks on the move lower today include American Airlines on a Credit Suisse downgrade, Walgreens Boots Alliance on a revenue miss, and Netflix shares following a Jefferies downgrade, which cited flat domestic subscriber growth.

Stocks swinging higher today include Celgene as Medivation opened the door to a possible takeover, ventilation products maker Nortek on a buyout from Melrose Industries, and Barrick Gold as gold touched its highest levels since March 2014.

Italy banking crisis deepens

The Brexit spillover is hitting one EU nation hard. Italy’s bank shares have been plunging, shaking the financial foundations of the eurozone’s third-largest economy and threatening contagion to other EU nations. Reuters’ Hayley Platt has the story.

Looking ahead

• In a possible preview to Friday’s jobs report, we’ll get ADP’s private employment report for June 8:15 a.m. ET. The consensus is for 150,000 jobs created.

• At 8:30 a.m. ET, we’ll get another labor market report, with weekly jobless claims. That figure is supposed to hover around 269,000 new claims.

• Finally, the annual festival of San Fermin, otherwise known as the “running of the bulls,” begins in Pamplona, Spain. During the nine-day festival participants try to keep ahead of the bulls on a course of sectioned off streets, and gorings and tramplings are common. The festival was made famous by Ernest Hemingway’s novel, “Fiesta: The Sun Also Rises.”