The GameStop logo and trading information were displayed on screens on the New York Stock Exchange floor.
Brendan McDermid | Reuters
This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
What you need to know today
Weak data weighs on Dow Jones
this Dow Jones Industrial Average Dropped more than 100 points Previously weak manufacturing data raised concerns about the strength of the U.S. economy. But, that S&P 500 Index rose slightly by 0.11%, while Nasdaq Index up 0.56%. Nvidia After launching a new artificial intelligence chip, the stock price rose by nearly 5%. 10-Year Treasury Bond Yield Ministry of Finance fall at ISM weaker than expected May manufacturing data was 48.7. Readings below 50 indicate contraction. oil price Oil prices fell more than 3% as OPEC+ plans to phase out Voluntary production cuts.
Indian stocks fall as election counting begins
Indian Playful and BSE testing As votes began to be counted in the world’s most populous country, early leads suggested the election was closer than expected, leading to a sharp drop in votes. Both indices rose to record high after monday Prime Minister Modi Weekend exit polls predicted he would win a rare third term. Elsewhere, South Korea CospiJapan’s Nikkei 225 IndexAustralian S&P/ASX 200 Index were lower. Hong Kong’s Hang Seng The CSI 300 Index rose slightly, with the CSI 300 Index rising 0.39%.
The game station can’t stop
shares game station After rising more than 70%, closing up 21%, meme stock leader Keith Gill appears to be on a roll Take a large position among video game retailers. According to the Wall Street Journal, E-Trade is considering banning Gill from its platform due to concerns about potential market manipulation. Gill, who goes by “DeepF—–Value” on Reddit and “Roaring Kitty” on YouTube and billion jumped to $140 million as of Friday’s close. CNBC could not independently verify the post.
skin cancer vaccine
modern and Merck According to reports, their experimental vaccineCombined with Keytruda therapy to treat patients with the deadliest form of skin cancer, results showed improved survival rates and long-lasting effects. Nearly 75% of patients who received the combination were alive and cancer-free at 2.5 years, compared with 55.6% of patients who received Keytruda alone.
Microsoft, Alphabet layoffs
Microsoft Some jobs will be cut Mixed Reality Division, affecting the department that helps make HoloLens. The move reflects Microsoft’s shift in focus toward artificial intelligence technology. letter Too layoffs CNBC has learned that its cloud division has at least 100 employees and is one of its fastest-growing businesses.
(PRO) “Miss” Artificial Intelligence Stocks
Investors ‘completely missed’ this Key Artificial Intelligence Chip Inventory“, said Clare Pleydell-Bouverie, fund manager at Liontrust. The stock is up more than 5% this year and 25% in the past 12 months, modest gains compared with some doomed artificial intelligence companies.
bottom line
There is one on Wall Street A strong May, despite some tension in the later stages. The Nasdaq hit a new high, surpassing 17,000 points for the first time, and closed the month up 6.9%, its best performance since November 2023.
This success was largely due to NvidiaSoaring after earnings. The artificial intelligence giant’s stock price soared 27% in May. It rose nearly 5% on the first trading day in June. declare Plans to launch a new artificial intelligence chip just months after its last launch mark a bold move against rivals.
In another growth area, the weight loss market is expected to be worth $100 billion by the end of this decade. although Eli Lilly and Company and Novo Nordisk Products have been the main focus, but their dominance is not guaranteed New competitors emerge. For those unwilling to take shots, drug companies are developing weight-loss pills.
structural therapy Published data comes from Clinical Trials Patients taking the GSBR-1290 pill were shown to lose 6% of their body weight after 12 weeks, posing a challenge to Eli Lilly’s experimental pill. Structure Therapeutics’ stock price rose more than 50% after the news broke. According to CNBC’s Pia Singh, J.P. Morgan Higher returns are expected for the company.
worries Economic strength The Dow Jones is under pressure. Federal Reserve Bank of Atlanta Current gross domestic product After disappointing news from the manufacturing industry, the economic growth tracker slashed its second-quarter growth forecast from 2.7% to 1.8%.
Katerina Simonetti, senior vice president and private wealth advisor at Morgan Stanley Private Wealth Management, told CNBC that the market “sideways trading“When they try to assess valuation.
“We are in a rising interest rate environment, which will certainly impact consumers, and we will see increasing credit card debt,” Simonetti said. “The Fed will most likely wait for consumer price index (CPI) data to be closer Its (2%) target figure before adjusting interest rates means this will affect consumer behavior and corporate profits.
Simonetti warned: “We are in early June and it is natural for the market to move sideways as we calculate valuations. This will remain the case until we enter the next earnings season.”
— CNBC’s Jeff Cox, Yun Li, Pia Singh, Brian Evans, Jesse Pound, Alex Harring, Spencer Kimball, Annika Kim Constantino, Christina Cheddar Berk, Sophie Kiderlin, Jorden Novet, Lillian Rizzo, Jennifer Elias, Shreyashi Sanyal and Alex Sherman Contributed reporting.
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