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5 things to know before the stock market opens Tuesday, June 4

  • Paramount and Skydance have agreed to terms on a merger, CNBC’s David Faber reported.
  • Google is cutting at least 100 positions in its cloud division.
  • Stocks dependent on economic growth, including banking and industrial stocks, fell as concerns grew about the strength of the economy.

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

The Dow Jones Industrial Average fell Monday to start the month as weak U.S. manufacturing data raised concerns about the strength of the economy. Stocks dependent on economic growth, notably banking and industrial stocks, were behind the decline. The Dow Jones slipped 115.29 points, or 0.30%. The S&P 500, meanwhile, eked out a slight gain, up 0.11%, while the Nasdaq Composite rose 0.56%. The trading day had its fair share of excitement, as a technical glitch on the New York Stock Exchange affected trading on several stocks for much of the morning, including incorrectly showing shares of Berkshire Hathaway falling by almost 100%. This issue was resolved around noon. Follow live market updates.

The long-awaited deal with Paramount could come to a head. Paramount and film and television studio Skydance have agreed to terms of a merger, CNBC’s David Faber reported Monday. The deal, valued at $8 billion, could be announced in the coming days, but it is not expected to take place until Paramount’s annual shareholder meeting on Tuesday. Paramount’s majority shareholder, Shari Redstone, has not yet approved the proposal, but the buying consortium – David Ellison’s Skydance, backed by private equity firms RedBird Capital and KKR – has agreed to the terms. As part of the negotiations, the deal will not require a shareholder vote, Faber said.

A person walks next to the Google Cloud logo during the Mobile World Congress (MWC) in Barcelona, ​​Spain, February 27, 2023.

Nacho Docé | Reuters

Alphabet has made layoffs across several teams in Google’s fast-growing cloud unit, including in sales and engineering. At least 100 positions have been eliminated, according to sources. Google has made rolling layoffs since early 2023, leading employees to complain of tighter deadlines, fewer resources and fewer opportunities for advancement. Google Cloud, which hosts much of the company’s AI technology, saw its operating profit more than quadruple in the most recent quarter.

Keith Gill, known on Reddit as DeepF——-Value and as Roaring Kitty, is seen in a fragment of a YouTube video displayed on a smartphone screen in front of the GameStop logo .

Pavlo Gonchar | Light flare | Getty Images

Meme stock leader Keith Gill — who goes by “Roaring Kitty” on YouTube and a big rally on Monday. . Gill shared another screenshot after the stock market closed that showed the same common stock and call options he posted on Sunday; CNBC was unable to verify the post. This comes after GameStop soared as much as 70% intraday before closing up 21%. The stock fell after The Wall Street Journal reported Monday that E-Trade, the Morgan Stanley-owned brokerage that Gill uses, was holding internal discussions about whether to ban him from the platform due to concerns about possible market manipulation.

A screen displays Spotify’s logo and business information on the floor of the New York Stock Exchange on February 6, 2024.

Brendan McDermid | Reuters

Spotify is increasing the price of its premium subscription for the second time in a year. The Swedish music streaming company said the price increases would help it “continue to invest and innovate in the features of our products.” For users in the United States, an “Individual” plan will cost $11.99 per month, which is $1 more than the current price. A “Duo” plan will cost $16.99, up from $14.99, and a “Family” plan will cost $19.99, an increase of about $3 per month. The “Student” plan will remain the same at $5.99.

— CNBC’s Brian Evans, Lillian Rizzo, Alex Sherman, Jennifer Elias, Yun Li, Jesse Pound and Ashley Capoot contributed to this report.

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News Source : www.cnbc.com
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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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