5 things to know before the stock market opens Monday, June 3

  • The top three averages capped off a strong month, but there were a few hiccups at the end.
  • Nvidia and AMD have revealed their next generation of AI chips.
  • GameStop shares rallied again after a message from Roaring Kitty, the trader who inspired 2021’s epic short squeeze.

Here are five key things investors need to know to start the trading day:

May ended up being a good month for stocks, as the three major averages all posted their sixth positive month in seven. The Nasdaq Composite shined the brightest, marking its best month since November with a 6.9 gain. %. The S&P 500 rose 4.8% while the Dow Jones Industrial Average added 2.3% in May. The end of the month was nevertheless marked by some turbulence. Even though the Dow Jones gained more than 500 points on Friday, all three averages ended the month more than 1% from their record highs. Looking ahead to June, the first week will bring economic updates, including manufacturing data on Monday and a key jobs report on Friday. Follow live market updates.

Jensen Huang, co-founder and CEO of Nvidia Corp., during the Nvidia GPU Technology Conference (GTC) in San Jose, California, United States, Tuesday, March 19, 2024.

David Paul Morris | Bloomberg | Getty Images

The market for artificial intelligence chips is booming. AI darling Nvidia on Sunday unveiled its next generation of AI chips, called “Rubin”, just months after announcing its next “Blackwell” model in March. These Blackwell chips are still in production and are expected to ship to customers later this year. CEO Jensen Huang has committed to launching new AI chip technology on a one-year basis, even faster than the company’s previous two-year schedule. AMD followed suit on Monday by announcing its own new artificial intelligence chips as it seeks to compete with Nvidia and Intel. AMD is launching chips for next-generation AI laptops and another line for desktops.

The logo of the Organization of the Petroleum Exporting Countries in Vienna, Austria, July 6, 2023.

Bloomberg | Bloomberg | Getty Images

The Organization of the Petroleum Exporting Countries and its allies — the influential oil alliance known as OPEC+ — extended their collective cuts in crude production through 2025. The cuts were set to expire this year, and analysts and OPEC+ delegates awaited the decision to change the timeline. The coalition will produce a total of 39.725 million barrels per day next year, it said. A subset of the OPEC+ alliance, including major players Saudi Arabia and Russia, also changed the timing of two other rounds of supply curbs, extending them over different periods than originally planned. . Oil prices fell early Monday despite the decision.

Omar Marques | Light flare | Getty Images

GameStop shares have seen a huge rally once again, on speculation that Keith Gill, the man behind the “Roaring Kitty” account that inspired the epic 2021 short squeeze, could take a huge position in the retailer video games. The stock rose more than 70% Monday in premarket trading. Gill, who also goes by DeepF——Value on Reddit, had posted a screenshot of what may be his wallet containing a significant amount of GameStop common stock and call options. The post was not verified by CNBC and he did not post on the WallStreetBets forum where he had previously made infamous trading updates.

A photo of Michigan Central’s main concourse before its renovation is in the newly restored room at the rear of the building.

Michael Wayland/CNBC

Ford looks to the future. But its vision for the future seems a little different from that of some other companies, which are looking to downsize as employees become accustomed to working from home. Meanwhile, Ford spent nearly $1 billion restoring and reopening an abandoned century-old train station and other buildings to create the automaker’s new technology campus. Ford Chairman Bill Ford Jr., great-grandson of company founder Henry Ford and leader of the project, said the 30-acre campus will be key to talent acquisition and retention. The company plans to house at least 2,500 employees in the building as well as other occupants. So far, about two-thirds of the tower has planned tenants or use cases, officials said.

— CNBC’s Jesse Pound, Rebecca Picciotto, Kif Leswing, Ruxandra Iordache, Yun Li and Michael Wayland contributed to this report.

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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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