Business

GameStop can’t stop, Dow drops

A screen displays GameStop’s logo and trading information on the floor of the New York Stock Exchange.

Brendan McDermid | Reuters

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open informs investors about everything they need to know, wherever they are. Like what you see? You can subscribe here.

Weak data hampers Dow
The Dow Jones Industrial Average fell more than 100 points after weak manufacturing data raised concerns about the strength of the U.S. economy. However, the S&P 500 edged up 0.11%, while the Nasdaq Composite gained 0.56%. Nvidia jumped nearly 5% after introducing new artificial intelligence chips. The 10-year Treasury yield fell on weaker-than-expected ISM manufacturing data, which stood at 48.7 in May. A reading below 50 indicates contraction. Oil prices have fallen more than 3% as OPEC+ plans to phase out voluntary production cuts.

Indian stocks fall as vote counting begins
India’s Nifty and BSE Sensex fell sharply as the world’s most populous country began counting votes, with early results showing a tighter race than expected. Both indexes hit record highs on Monday after Prime Minister Narendra Modi was projected to win a rare third term according to exit polls over the weekend. Elsewhere, South Korea’s Kospi, Japan’s Nikkei 225 and Australia’s S&P/ASX 200 were all lower. Hong Kong’s Hang Seng rose slightly and mainland China’s CSI 300 index rose 0.39%.

GameStop can’t stop
Shares of GameStop closed up 21% after surging more than 70%, as meme stock leader Keith Gill appeared to retain a massive position in the video game retailer. The Wall Street Journal reported that E-Trade was considering banning Gill from its platform over concerns of potential market manipulation. Gill, who goes by “DeepF—–Value” on Reddit and “Roaring Kitty” on YouTube and from $115.7 million to $140 million. from the close of Friday. The post could not be independently verified by CNBC.

Skin Cancer Vaccine
Moderna and Merck reported that their investigational vaccine, given to patients with the deadliest form of skin cancer in combination with the Keytruda treatment, demonstrated improved survival rates and lasting effectiveness. Nearly 75% of patients who received the combination were alive and cancer-free after 2.5 years, compared to 55.6% of patients who received Keytruda alone.

Layoffs at Microsoft and Alphabet
Microsoft will cut some jobs in its mixed reality division, affecting the department that helps make HoloLens. The move reflects a shift in Microsoft’s focus toward AI technologies. Alphabet is also laying off at least 100 employees from its cloud unit, one of its fastest-growing businesses, CNBC has learned.

(PRO) “Missed” AI action
Investors “completely missed” this vital artificial intelligence chip stock, says Liontrust fund manager Clare Pleydell-Bouverie. The stock is up more than 5% this year and 25% over the past 12 months, which is modest compared to some AI players. .

Wall Street had a strong May, despite some late concerns. The Nasdaq Composite hit a new high, surpassing 17,000 for the first time, and finished up 6.9% for the month – its best performance since November 2023.

Much of this success has been fueled by Nvidia’s rising profits. The artificial intelligence giant soared 27% in May. On the first trading day of June, it gained nearly 5% after announcing plans to launch a new AI chip, just months after its last release, signaling a bold move against rivals.

In another area of ​​growth, the weight loss market is expected to reach $100 billion by the end of the decade. Although offerings from Eli Lilly and Novo Nordisk have been the center of attention, their dominance is not guaranteed as new competitors emerge. For those who are averse to needles, drug manufacturers are developing diet pills.

Structure Therapeutics has released clinical trial data showing a 6% weight loss after patients took its GSBR-1290 pill for 12 weeks, challenging an experimental pill from Eli Lilly. Shares of Structure Therapeutics jumped more than 50% following the news. According to CNBC’s Pia Singh, JP Morgan expects even higher gains for the company.

Concerns about the The strength of the economy weighed on the Dow Jones. The Atlanta Federal Reserve’s GDPNow tracker, which monitors economic growth, sharply lowered its second-quarter growth forecast to 1.8% from 2.7%, following disappointing news from the manufacturing sector.

Katerina Simonetti, senior vice president and private wealth advisor at Morgan Stanley Private Wealth Management, told CNBC that markets are “trading sideways” as they try to gauge valuations.

“We are in a higher interest rate environment, which of course affects the consumer and as we see an increase in credit card debt,” Simonetti said. “The Fed will likely wait until the CPI number gets closer to its target (2%) before changing rates, which means it will affect consumer behavior and corporate profits.

“It’s the beginning of June, it’s only natural that the market moves a little sideways while we determine valuations. And it will be like that until we enter the next earnings season,” he said. warned Simonetti.

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. report.

News Source : www.cnbc.com
Gn bussni

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.
Back to top button