5 issues you must know earlier than the inventory market opens on Tuesday June eighth
Here are the key news, trends, and analysis investors need to start their trading day:
1. S&P 500 will hit last month’s record highs
Traders on the floor of the New York Stock Exchange.
US stock futures turned positive on Tuesday, with the S&P 500 climbing to last month’s record highs despite the small dip on Monday. The Dow Jones Industrial Average, which also fell on Monday, was still less than 1% off its record high in May. The Nasdaq started the week with a modest rise, putting the tech-heavy index less than 2% off its record high in late April.
Meme stocks continued their rally in the premarket Tuesday, led by AMC Entertainment’s 5% rise. The cinema chain’s stocks rose nearly 15% on Monday after gaining over 80% last week. The SEC said Monday it is monitoring market volatility and pledging to protect retail investors.
Tesla shares, which were down 10% last month, rebounded 3% in the pre-market Tuesday after the electric automaker announced it shipped 33,463 China-made vehicles in that market in May. That’s 29% more than in April, when production was impacted by a maintenance shutdown.
2. News sites, including the New York Times, recovered from an outage
A downtime that crashed many websites on Tuesday morning has largely been resolved and the decline in US stock futures fizzled out. Reddit and global news sites like the Financial Times, The New York Times, and Bloomberg were down, and some users were unable to access those sites early Tuesday. Most of them were back online after a problem with Fastly’s content delivery network. Just before 7 p.m. ET, Fastly said on its website that “the problem has been identified and a solution has been applied”. Fastly’s shares lost about 2% in pre-trading hours.
3. Bitcoin slips 7% after US seized most of Colonial Pipeline’s ransom
A bitcoin logo displayed on a smartphone with stock market percentages in the background in this illustration dated April 26, 2021.
Omar Marques | SOPA Pictures | LightRakete | Getty Images
Bitcoin fell more than 7% to below $ 33,000 on Tuesday. While the reason for the move was unclear, it could be related to crypto security concerns after U.S. officials managed to recover most of the ransom paid to hackers targeting the Colonial Pipeline. According to court documents, the investigators were able to access the password for one of the hackers’ Bitcoin wallets.
Storage tanks at a Colonial Pipeline Inc. facility in Avenel, New Jersey, on Wednesday, May 12, 2021.
Mark Kauzlarich | Bloomberg | Getty Images
Colonial Pipeline CEO Joseph Blount will testify before the Senate Homeland Security Committee Tuesday. He is expected to ask questions about the company’s response to the cyber attack and its decision to authorize the $ 4.4 million ransomware payment.
4. The White House presents plans to strengthen critical supply chains
President Joe Biden speaks about the May Job Report at the Rehoboth Beach, Delaware Convention Center on June 4, 2021.
Jim Watson | AFP | Getty Images
The Biden administration will announce a series of steps on Tuesday to strengthen critical U.S. supply chains, build domestic manufacturing capabilities for key products, and address existing vulnerabilities. The report’s initial recommendations focus on four products that are critical to the US economy: high capacity lithium batteries, rare earth minerals, semiconductors, and active pharmaceutical ingredients.
5. Apple presents data protection in software updates at the developer conference
Apple unveiled new versions of its operating systems on Monday, showing that the company’s focus on privacy has taken a new turn. It’s no longer just a corporate ideal or a marketing point. It’s now a major initiative from Apple that sets its products apart from the Android and Windows competition. In addition to privacy, the announcements on Monday at Apple’s global developer conference included FaceTime support for Windows and Android and an iMessage redesign that turns photos sent into galleries.
– Reuters contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.