11 minutes ago
The stock market starts down
Stocks began lower Friday morning, a day after the S&P 500 and Nasdaq Composite Indexes closed at record highs.
The broader market index fell 0.4%, while the tech-heavy Nasdaq dropped 0.3%, and the Dow Jones Industrial Average also fell 229 points, or 0.5%, on the day.
— Lisa Kailai Han
47 minutes ago
Import and export prices both fell in May
The Bureau of Labor Statistics reported Friday that prices of both imports and exports fell in May, providing further evidence of slowing inflation.
Import prices fell 0.4%, Dow Jones forecasts were flat, reversing April’s 0.9% rise, while export prices fell 0.6% after rising 0.6% the previous month.
A 2% drop in fuel costs contributed to the price decline, while food, feed and beverage prices also fell 1.6%.
—Jeff Cox
1 hour ago
Adobe, Hasbro and other stocks saw the biggest premarket price movements
Check out the companies that are garnering attention before the bell rings.
- RH — The luxury retailer posted a much bigger per-share loss in the first quarter than Wall Street had expected, sending its shares falling 12.3%.
- Adobe — The software company reported better-than-expected profit and revenue, and new annual revenue from digital media, including Creative Cloud subscriptions, topped analysts’ expectations, sending its shares soaring 14.2%. Adobe also raised its full-year outlook. JPMorgan on Friday upgraded Adobe shares to overweight from neutral, saying the company is “on track going forward” after the company’s strong quarterly results.
- Hasbro — Bank of America raised its rating on the toy maker to buy from neutral, sending the stock up 1.7%, saying in a Friday note that Hasbro’s digital gaming strategy could lead to a profit recovery in 2024 and 2025.
For a complete list, see here.
Pia Singh
1 hour ago
Here are the number of record highs that major stock indexes will reach by 2024:
Traders work on the floor of the New York Stock Exchange during morning trading in New York City on May 17, 2024. The stock market opened with shares slightly higher at the open, a day after the Dow Jones Industrial Average briefly surpassed 40,000 for the first time.
Michael M. Santiago | Getty Images
The stock market has been climbing to new highs this year.
So far in 2024, the S&P 500 is up 13.92%, the Nasdaq Composite is up 17.69%, and the Nasdaq 100 is up 16.35%.
Here are the record closing highs recorded by some of the major stock indexes so far this year:
- S&P 500: 29
- Nasdaq Composite: 17
- Nasdaq 100: 26
— Lisa Kailai Han
2 hours ago
S&P 500 and Nasdaq headed for weekly gains
The S&P 500 and Nasdaq Composite Index have both risen for seven of eight consecutive weeks, hitting all-time highs in the process.
The Composite Index is up 1.6% so far this week and the Nasdaq is up 3.1%, while the Dow has struggled, losing 0.4%.
Fred Imbert
7 hours ago
Bank of Japan to reduce government bond purchases, keep interest rates unchanged
The Bank of Japan’s head office in Tokyo.
Bloomberg | Getty Images
The Bank of Japan kept its policy interest rate unchanged on Friday but signaled it was considering reducing its bond purchases.
The central bank left short-term interest rates unchanged at 0% to 0.1% at the end of a two-day policy meeting, as widely expected.
The Bank of Japan said it may reduce its purchases of Japanese government bonds at its next monetary policy meeting, scheduled for July 30 and 31.
The yen fell below 158 to the dollar after the announcement, and the yield on the 10-year government bond fell to 0.929%.
Lim Hui Jie
14 hours ago
Roaring Kitty’s GameStop investment is expected to exceed 9 million shares
Keith Gill (aka Roaring Kitty) will be hosting a YouTube livestream on June 7, 2024.
Source: Roaring Kitty | YouTube
Well-known meme stock trader Keith Gill (aka “Roaring Kitty” and “DeepF——Value”) appears to have increased his holdings in the company to 9 million shares.
Gill posted new screenshots of his E-Trade portfolio on Reddit’s Superstonk forum after the market closed on Thursday, which appear to show that he now holds 9 million 1,001,000 shares of GameStop stock, as well as more than $6 million in cash.
The total value of his portfolio was more than $268 million as of Thursday night, compared with $210 million on June 2. GameStop shares rose more than 14% in regular trading but fell 4% in after-hours trading.
To learn more about how Roaring Kitty increased its stake, read CNBC’s Yun Li’s article here.
–Darla Mercado
15 hours ago
Adobe surges after better-than-expected profit and improved guidance
Shares of software giant Adobe soared more than 16% on Thursday after the company’s second-quarter results beat Wall Street expectations.
Adobe raised both its full-year earnings and revenue outlook. The company now expects earnings per share in the range of $18 to $18.20 and revenue in the range of $5.33 billion to $5.38 billion.
Brian Evans
15 hours ago
Tesla shareholders re-approve Elon Musk’s compensation package
Elon Musk speaks during Tesla’s annual shareholder meeting on June 13, 2024 in Austin, Texas.
Source: Tesla Inc.
Tesla Inc. shareholders voted Thursday to reinstate Chief Executive Officer Elon Musk’s controversial $56 billion compensation package, but the move needs to be settled in court before it can take effect.
The vote on Musk’s compensation was one of several measures scheduled to go to a shareholder vote on Thursday, including a provision to reincorporate the company in Texas.
Tesla shares traded up about 1%. Tesla shares closed up about 3% during regular trading hours on hopes that the compensation package would be approved.
Brian Evans
15 hours ago
Stock futures were little changed on Thursday
Stock futures were little changed on Thursday after the S&P 500 closed at an all-time high and Adobe reported strong quarterly results.
S&P 500 futures fell 0.1%, while Nasdaq 100 futures dropped 0.04%. Dow Jones Industrial Average futures fell 57 points, or 0.1%.
Brian Evans
