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5 issues to know earlier than the inventory market opens Friday, June 11

5 things to know before the stock market opens Friday, June 11

Here are the most important news, trends and analysis that investors need to start their trading day:

1. S&P 500 looks to add to Thursday’s record close

A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York, April 16, 2021.

Carlo Allegri | Reuters

U.S. stock futures rose Friday, one day after the S&P 500 logged its 27th record close of 2021 but its first since May 7. Shaking off a red-hot inflation report, the Dow also rose Thursday, breaking a three-session losing streak and finishing less than 1% from last month’s record close. The Nasdaq’s gain Thursday brought the tech-heavy index within 1% of its last record close in late April.

Ahead of Friday’s open on Wall Street, the Nasdaq was up 1.5% for the week, on pace for a fourth straight weekly gain for the first time since January. The S&P 500 was looking to clinch a three-week winning streak. The Dow was off 0.8% for the week, on track to break two positive weeks in a row.

The 10-year Treasury yield ticked lower Friday, trading just above 1.4%, around its early March lows before it spiked above 1.7% to 14-month highs later that month.

2. Meme stocks get some relief after hitting a wall

SELINSGROVE, PENNSYLVANIA, UNITED STATES – 2021/01/27: A woman walks past the GameStop store inside the Susquehanna Valley Mall. An online group sent share prices of GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) soaring in an attempt to squeeze short sellers.

Photo by Paul Weaver/SOPA Images/LightRocket via Getty Images

Meme stocks were getting some relief early Friday after hitting a wall Thursday. Shares of GameStop, which tanked 27% on Thursday, rose 6% in the premarket. GameStop investors seemed to be running for the exits Thursday, one day after the video game retailer announced the appointments of two former Amazon executives as CEO and CFO and said it may sell as many as 5 million additional shares to raise money. GameStop — off about 50% from its $483 per share all-time high in January — remained up nearly 1,100% in 2021. Last week’s big winner, AMC Entertainment, rose 4% in Friday’s premarket after closing down 13% on Thursday. The stock — down more than 40% from last week’s all-time high of $72.62 — was still up 1,900% this year.

3. Biden, G-7 leaders to endorse a global minimum corporate tax

U.S. President Joe Biden poses for a picture during a meeting with Britain’s Prime Minister Boris Johnson (not pictured) ahead of the G7 summit, at Carbis Bay, Cornwall, Britain June 10, 2021.

Toby Melville | Reuters

President Joe Biden and G-7 leaders will publicly endorse a global minimum corporate tax of at least 15% on Friday, one piece of a broader agreement to update international tax laws for a globalized, digital economy. Meeting at a resort in the U.K., the world leaders will also announce a plan to replace Digital Services Taxes, which targeted the biggest American tech companies, with a new tax plan linked to the places where multinationals are actually doing business, rather than where they are headquartered. The White House also said G-7 leaders will agree to “continue providing policy support to the global economy for as long as necessary to create a strong, balanced, and inclusive economic recovery.”

4. Two Royal Caribbean passengers test positive for Covid

A file photo shows the Celebrity Millennium cruise ship at Kai Tak cruise terminal in Kowloon Bay.

Felix Wong | South China Morning Post | Getty Images

Royal Caribbean said late Thursday that two guests onboard its Celebrity Millennium ship tested positive for Covid. According to the cruise operator, which didn’t reveal their ages, the passengers were asymptomatic and in isolation. Celebrity Millennium was one of the first cruises in North America to restart sailing last week. In lifting the more than one year pandemic halt, the CDC required a fully vaccinated crew and everyone over 16 to present proof of vaccination. In the early days of Covid last year, cruise ships became hotbeds for the coronavirus.

5. Tesla begins deliveries of its new Model S Plaid

Tesla Model S Plaid

Source: Tesla

Tesla kicked off deliveries of its new Model S Plaid, with a livestream event Thursday night at the electric auto maker’s test track near its Fremont, California factory. CEO Elon Musk made his entrance by driving a Model S Plaid around the track and onto the stage. Musk, in weeks before the even, hyped the months-delayed vehicle as the “quickest production car ever made.” The Model S Plaid, a high-performance version of Tesla’s flagship sedan, starts at $129,990 compared with $79,990 for a long-range 2021 Model S. On Sunday, Musk tweeted that Tesla canceled the $150,000 Model S Plaid Plus, saying there was “no need, as the Plaid is just so good.”

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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5 issues to know earlier than the inventory market opens Monday, June 7

5 things to know before the stock market opens Monday, June 7

Here are the key news, trends, and analysis investors need to start their trading day:

1. Dow, S&P 500 stand less than 1% of record closing highs

A trader on the New York Stock Exchange, June 4, 2021.

Source: NYSE

2. Jeff Bezos will fly Blue Origin’s first passenger space flight next month

Jeff Bezos drives a Rivian R1T electric truck through the Blue Origin launch facility in Texas.

Blue origin

Jeff Bezos will fly on the first passenger flight of his space company Blue Origin. The company plans to launch the mission on July 20, the Amazon billionaire announced on Monday. Bezos and his brother Mark will join the winner in a public auction held for one of the seats. The bid for the auction was $ 2.8 million before Bezos announced he would be on board. Bezos’ Blue Origin and Elon Musk’s SpaceX are two of the largest commercial space companies.

3. Elon Musk Says Tesla has officially canceled the Model S Plaid Plus

Musk, co-founder and CEO of Tesla, tweeted on Sunday that the electric automaker canceled the most expensive variant of its flagship sedan, the $ 150,000 Model S Plaid Plus.

Tesla had promised that a Plaid Plus version of its new Model S would give drivers 1,100 horsepower, 520 miles of range on a fully charged battery, and zero to 60 mph in less than two seconds. The remaining high-end version of the Model S Plaid for $ 119,900 should have a battery capable of 390 miles with 1,020 horsepower and similar acceleration.

4. AMC stocks rose after skyrocketing in a wild week of trading

Pedestrians pass an AMC theater in New York.

Scott Mlyn | CNBC

AMC Entertainment’s shares rose 8% in the premarket on Monday after rising more than 80% in a wild week despite declines on Thursday and Friday. The cinema chain sold additional shares in two tranches last week, raising around $ 817 million. CEO Adam Aron told YouTube host and AMC shareholder Trey Collins that the company plans to issue an additional 25 million shares.

Emily Blunt, Millicent Simmonds and Noah Jupe star in “A Quiet Place Part II”.

Parent

The cinema business, decimated by the Covid pandemic, showed further signs of a return to normal. A Quiet Place Part II fell 59% to $ 19.5 million after a stellar opening over Memorial Day holiday weekend last weekend. However, the Paramount sequel has raised $ 88.6 million in the US and Canada. Warner Bros.’s “The Conjuring: The Devil Made Me Do It” topped the weekend box office and debuted with a profit of $ 24 million.

5. G-7 agrees on global tax reform; Yellen talks about the Biden agenda, tariffs

British Chancellor of the Exchequer Rishi Sunak (center), US Treasury Secretary Janet Yellen (right) attends the first day of the G-7 Finance Ministers’ Meeting on June 4, 2021 at Lancaster House in London.

Stefan Rousseau | AFP | Getty Images

The Treasury Ministers of the most advanced economies, known as the Group of Seven, have backed a US proposal requiring companies around the world to pay at least 15% tax. Treasury Secretary Janet Yellen tweeted that a “global minimum tax would end the race to the bottom in corporate taxation and ensure fairness for the middle class and working people in the US and around the world.”

Former Federal Reserve chairman Yellen said in a Bloomberg interview that President Joe Biden’s $ 4 trillion spending agenda would be positive for the country even if it led to a surge in interest rates. “If we had a slightly higher interest rate environment in the end, that would actually be a plus for society and the Fed,” said Yellen.

– The Associated Press 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.

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5 issues to know earlier than the inventory market opens Tuesday, June 1

5 things to know before the stock market opens Tuesday, June 1

Here are the key news, trends, and analysis investors need to start their trading day:

1. Dow jumps on the first day of June

The New York Stock Exchange welcomes Lightning eMotors (NYSE: ZEV) on May 24, 2021 to celebrate its transition to a public company.

NYSE

June was set for a positive start on Wall Street. Dow futures led on Tuesday with a gain of over 250 points of more than 0.7%. The Dow Jones Industrial Average and S&P 500 broke two-week losing streaks with weekly gains of around 1%. The Nasdaq rose 2% last week for its first two-week winning streak since mid-April. However, the Nasdaq bucked May’s uptrend, losing 1.5% and ending a six-month winning streak. Investors have their sights set on Friday’s May Labor Market Report, as well as the Federal Reserve Policy Makers’ Meeting on May 15-16. June.

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 – less than 44% from April’s all-time high of $ 65,000 – traded below $ 36,000 on Tuesday. The world’s largest digital currency returned to levels not seen since February. Bitcoin crashed last month, tumbling more than 30% to around $ 30,000 on May 19. At Tuesday’s levels, however, it was still up 24% in 2021 and up 275% over the past 12 months.

2. AMC stocks add to last week’s strong rally

AMC Empire 25 in Times Square is open as New York City theaters reopen on March 5, 2021 for the first time in a year since the coronavirus shutdown.

Angela Weiss | AFP | Getty Images

AMC Entertainment rose again Tuesday, gaining 21% in pre-trading hours after selling more than 8 million shares to an investment firm. It is the latest in a series of capital increases for the ailing theater chain. AMC stock doubled last week on extremely high volume as retail investors re-piqued interest on Reddit’s WallStreetBets forum. AMC CEO Adam Aron tweeted early Tuesday in support of the stock sale.

3. Biden announces new efforts to narrow the racial wealth gap

U.S. President Joe Biden speaks with First Lady Jill Biden during a visit to Joint Base Langley-Eustis in Hampton, Va., Jan.

Ken Cedeno | Reuters

President Joe Biden will unveil new measures his administration is planning on Tuesday to address the racial wealth gap. During a trip to Oklahoma to commemorate 100 years since the Tulsa massacre, Biden will see an increase in the percentage of federal contracts for small, disadvantaged businesses, the repeal of two Trump-era housing rules, and an initiative to combat inequality in valuation announce of homes.

4. Elon Musk reveals the reason for the price increases for Tesla vehicles

5. SoFi will debut on Wall Street after the SPAC deal is closed

The Social Finance (SoFi) website on a laptop set up in the Brooklyn neighborhood of New York, United States on Friday, March 26, 2021.

Gabby Jones | Bloomberg | Getty Images

Social Finance is expected to debut as a publicly traded company on Tuesday after finalizing its merger with a SPAC backed by venture capital investor Chamath Palihapitiya last week. The transaction, announced in January with the special purpose vehicle Social Capital Hedosophia Corp V, valued SoFi at $ 8.65 billion. Palihapitiya, an early Facebook executive, recently took several companies public through SPACs, including Virgin Galactic.

– 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.

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5 issues to know earlier than the inventory market opens Friday, June 4

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

Here are the top news, trends, and analysis investors need to start their trading day:

1. Stock futures rose after the slight job report in May

Trader on the New York Stock Exchange.

Source: NYSE

U.S. President Joe Biden (left) wears a protective mask while speaking with Senator Shelley Moore Capito, a Republican from West Virginia, in the Oval Office of the White House in Washington, DC, the United States, on Thursday, Jan.

TJ Kirkpatrick | Bloomberg | Getty Images

US companies observe infrastructure talks between President Joe Biden and Senator Shelley Moore Capito, the GOP negotiator. They want to meet again on Friday. At their meeting on Wednesday, Biden proposed a minimum 15% tax on businesses as part of a compromise to pay for a smaller infrastructure package worth $ 1 trillion.

2. Employment growth in May has doubled compared to April

A General Motors assembly worker loads engine block castings onto the assembly line at the GM Romulus Powertrain plant in Romulus, Michigan, the United States, August 21, 2019.

Rebecca Cook | Reuters

Employment growth last month was about twice as fast as in April. The US economy added 559,000 non-agricultural workers in May, compared with an estimate of 671,000. As the restrictions on the Covid pandemic were further relaxed, 186,000 food services and drinking places were added in May. The total number of jobs in April has been revised up by 12,000 to 278,000.

The country’s unemployment rate fell to 5.8% in May, compared to estimates of 5.9%. Investors continued to believe that a modest increase in jobs would prevent the Federal Reserve from hike rates and tighten monetary policy.

3. AMC boss advocates selling more shares in a YouTube interview

Chairman / CEO of AMC Entertainment Inc. Adam Aron speaks on stage at the Will Rogers Pioneer of the Year Dinner 2018 at Caesars Palace during CinemaCon, the official convention of the National Association of Theater Owners, on April 25, 2018 in Las Vegas, Nevada .

Alberto E. Rodriguez | Getty Images

AMC Entertainment’s shares fell more than 3% in the premarket on Friday, in a wild, Reddit-fueled week of trading that saw shares nearly double on Wednesday and then retreat nearly 18% on Thursday. CEO Adam Aron sat down with Trey Collins, the host of Trey’s Trades channel on YouTube, on Thursday evening. Many of the channel’s subscribers are AMC investors. After two separate stock sales this week that raised approximately $ 800 million in cash, Aron urged shareholders to support a new plan to issue an additional 25 million shares. Aron reiterated that AMC is looking at a number of acquisition opportunities.

4. Bitcoin falls after Elon Musk tweeted a breakup meme

Bitcoin fell nearly 5% to around $ 36,700 on Friday morning, hours after Tesla CEO Elon Musk tweeted a meme depicting a couple breaking up using a bitcoin hashtag and broken heart emoji. Other cryptocurrencies, including Ether and Dogecoin, also fell. In May, Musk said that Tesla would no longer accept Bitcoin as a payment method due to concerns about energy consumption.

5. Bill Ackmans SPAC confirms talks to acquire 10% of Universal Music

Bill Ackman, Founder and CEO of Pershing Square Capital Management.

Adam Jeffery | CNBC

Pershing Square Tontine Holdings, the special purpose vehicle owned by billionaire investor Bill Ackman, confirmed on Friday that it is in talks to buy 10% of Universal Music Group for around $ 4 billion. The transaction would be worth approximately $ 42 billion to Universal Music. The holding company said the transaction would not result in a merger and Universal Music would conduct a scheduled listing on Euronext Amsterdam in the third quarter of 2021.

– The Associated Press contributed to this report. Follow all market activity like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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5 issues to know earlier than the inventory market opens Thursday, June 3

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

Here are the most important news, trends and analysis that investors need to start their trading day:

1. AMC mania captivates Wall Street, company to sell more shares

Traders at the New York Stock Exchange, June 2, 2021.

Source: NYSE

U.S. stock futures fell Thursday after another muted day in the broader market belied the incredible trading in meme stock AMC Entertainment. In premarket trading, AMC initially jumped 20%, before going back and forth between much smaller gains and losses, after the movie theater chain filed to sell 11.55 million shares “from time to time.” AMC shares skyrocketed 95% on Wednesday, bringing their year-to-date gains to more than 2,800%.

Focusing on the link between inflationary pressures and the reopening of U.S. businesses after Covid, the Dow Jones Industrial Average, S&P 500 and Nasdaq posted modest gains Wednesday. The Dow and S&P 500 were within 1% of their May record closes, while the Nasdaq was 2.7% away from its late April record close. However, on Thursday, Dow futures dropped about 200 points, or 0.6%. S&P futures saw similar declines. Nasdaq futures fell 1%.

2. Short sellers of AMC shares lost $2.8 billion in one day

Movie poster of current offerings are displayed on the front of an AMC theater on June 01, 2021 in Chicago, Illinois. Mudrick Capital has agreed to purchase 8.5 million share of the theater chain for $230.5 million.

Scott Olson | Getty Images

The Reddit-fueled retail trader war on those betting against AMC, similar to January’s GameStop mania, cost short sellers $2.8 billion on Wednesday alone, according to S3 Partners. About 18% of the AMC shares available for trading were still sold short through Wednesday. Most Wall Street analysts still believe AMC shares will plummet eventually. The average 12-month target price was $5.11, according to FactSet. AMC closed out 2020 at $2.12 per share.

3. Bond yields inch higher after two jobs reports

A sign advertising job openings is seen outside of a Starbucks in Manhattan, New York City, New York, U.S., May 26, 2021.

Andrew Kelly | Reuters

4. Largest meat producer getting back online after cyberattack

The JBS meat placing plant is viewed in Plainwell, Michigan on June 2, 2021.

Jeff Kowalsky | AFP | Getty Images

Brazil’s JBS, the world’s largest meat processor, has resumed most production after a weekend cyberattack. However, experts warned that the vulnerabilities exposed by this breach and others are far from resolved. JBS blames hackers with ties to Russia. Last month, Colonial Pipeline, the largest U.S. fuel pipeline, paid ransomware demands after its operations were closed for nearly a week. Hackers with ties to Russia are also suspected in that attack. Following media reports Wednesday, New York City’s Metropolitan Transportation Authority acknowledged a cyberattack in late April with suspected ties to China.

5. Activist firm Engine No. 1 claims third Exxon board seat

A view of the Exxon Mobil refinery in Baytown, Texas.

Jessica Rinaldi | Reuters

Engine No. 1 has won a third board seat at Exxon. The upstart activist firm has been targeting the oil giant since December, pushing the company to shift its focus away from fossil fuels. Engine No. 1, which has a miniscule 0.02% stake in Exxon, nominated four directors ahead of the firms’ annual shareholder meeting at the end of May, a move that garnered support from major state pension funds. Last week’s vote followed months of back-and-forth between Engine No. 1 and Exxon.

— The Associated Press contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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5 issues to know earlier than the inventory market opens Wednesday, June 2

5 things to know before the stock market opens Wednesday, June 2

Here are the most important news, trends and analysis that investors need to start their trading day:

1. June begins with muted trading on Wall Street

Traders work on the floor of the New York Stock Exchange.

NYSE

U.S. stock futures were relatively flat after the Dow gave up most of a 300-point gain by Tuesday’s close. The 30-stock average ended 45 points higher. The first day of June also started out muted for the S&P 500 and Nasdaq as optimism about the economic reopening met lingering angst about inflation. Following strength last month, the Dow and S&P 500 were less than 1% from their May record closes. The Nasdaq, which dropped in May, was nearly 2.9% away from its late April record close.

Offshore oil platforms are seen on April 20, 2020 in Huntington Beach, California.

Michael Heiman | Getty Images

U.S. oil prices jumped 1% on Wednesday to more than $68 per barrel, trading at levels not seen since October 2018. As more and more people are getting out and about in 2021 after months of stay-at-home precautions, U.S. benchmark crude prices have jumped 40% year to date. The spike in oil has been one of many commodities that have increased worries about price pressures in the recovering economy.

2. AMC soars again as it aims to connect with investors

One day after a similar gain, shares of AMC Entertainment skyrocketed 20% in Wednesday’s premarket to more than $38 each, a move that would put the stock at an all-time high at the open. AMC wants to connect with its shareholder base, announcing Wednesday morning a new way for investors in the movie theater chain to sign up for special benefits such as free popcorn.

AMC revealed Tuesday in a securities filing it raised $230.5 million in a stock sale to depressed debt firm Mudrick Capital Management. CNBC’s Andrew Ross Sorkin confirmed that Mudrick sold those new AMC shares immediately for a profit. As of Tuesday’s close, interest among retail investors on Reddit’s WallStreetBets forum pushed AMC shares up 1,400% in 2021.

3. Elon Musk tweets again, sending shares of ‘Baby Shark’ soaring

Shares of Samsung Publishing, a major shareholder in the producer of “Baby Shark,” soared in trading in South Korea trading Wednesday after a tweet by Tesla CEO Elon Musk about the viral children’s song. Musk wrote on Twitter on Tuesday evening: “Baby Shark crushes all! More views than humans.”

According to a Wall Street Journal report, the SEC admonished Musk last spring for allegedly violating terms of a settlement agreement. The financial regulators were incensed by Musk tweets about Tesla’s stock price being too high and those about solar rooftop production numbers without an attorney’s approval.

4. Coinbase Pro gives users option to trade red-hot dogecoin

A visual representation of digital cryptocurrencies Dogecoin and Bitcoin.

Yuriko Nakao | Getty Images News | Getty Images

Dogecoin jumped another 28% to 42 cents per unit Wednesday after Coinbase began offering its Pro users the option to trade the cryptocurrency, which started as a joke but has exploded higher this year. Helped by frequent tweets from Musk and other influencers, dogecoin went from trading at just fractions of a penny in January. However, even with those incredible gains, dogecoin was actually about 40% below last month’s all-time highs.

Monitors display Coinbase signage during the company’s initial public offering (IPO) at the Nasdaq market site April 14, 2021 in New York City.

Robert Nickelsberg | Getty Images

Coinbase, one of the world’s largest crypto exchanges, went public on the Nasdaq in April and soared as high as $429.54 per share on its first day of trading. The stock closed below its direct listing reference price of $250 last month, and it’s been languishing there for weeks. Coinbase rose about 1% in Wednesday’s premarket after closing up a similar amount Tuesday to $238.93.

5. Largest meat producer getting back online after cyberattack

Employees in the parking lot of the JBS Beef Production Facility in Greeley, Colorado, U.S., on Tuesday, June 1, 2021. A cyberattack on JBS SA, the world’s largest meat producer, has forced the shutdown of some of the largest slaughterhouses globally, and there are signs that the closures are spreading.

Michael Ciaglo | Bloomberg | Getty Images

The world’s largest meat processing company is getting back online after production around the globe was disrupted by a cyberattack just weeks after a similar hack shut down a major U.S. oil pipeline. Brazil’s JBS said late Tuesday it made “significant progress” in dealing with the attack and expects the “vast majority” of its plants to be operating Wednesday. Earlier Tuesday, the White House said JBS notified the U.S. government of a ransom demand from a criminal organization likely based in Russia.

— The Associated Press and Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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5 issues to know earlier than the inventory market opens Thursday, Could 27

5 things to know before the stock market opens Thursday, May 27

Here are the top news, trends, and analysis that investors need to get their trading day started:

1. The S&P 500 opens flat after it has been pushed back in the direction of the receptacle

The Wall Street sign can be seen near the New York Stock Exchange (NYSE) in New York City on May 4, 2021.

Brendan McDermid | Reuters

US stock futures were relatively flat on Thursday and 10-year Treasury bond yields were up over 1.6% after a morning economic data burst. The market posted modest gains on Wednesday, helped by stocks tied to the economic reopening. The S&P 500 ended less than 1% after its record close on May 7th. With two trading days remaining in May, the Nasdaq rose nearly 2% over the course of the week, but rose 1.6% over the month. The Dow Jones Industrial Average and S&P 500 rose for the week and month.

Acorns announced Thursday that it will merge with Pioneer Merger Corp., a publicly traded special-purpose acquisition company. The SPAC deal valued Acorns at around $ 2.2 billion, more than double the previous private valuation. When the transaction is complete, Acorns will trade on the Nasdaq under the symbol OAKS, a nod to the company’s motto and analogy of growing acorns into “mighty oaks.” Comcasts Venture Arm and NBCUniversal are investors in Acorns. Comcast also owns CNBC.

2. Three reports provide more insight into the economic recovery

The government released three key economic reports on Thursday morning, an hour before the opening bell on Wall Street.

  • Initial jobless claims for last week fell more-than-expected to 406,000, another pandemic-era low compared to the unrevised 444,000 new claims the previous week.
  • The second estimate of the gross domestic product in the first quarter remained constant with an annual growth rate of 6.4%. In the fourth quarter of 2020, GDP rose by 4.3%.
  • Durable goods orders were down 1.3% in April. Economists had called for an increase of 0.9% after an upwardly corrected March plus of 1.3%.

3. The meme stock rally will pause after a month of comeback profits

SELINSGROVE, PENNSYLVANIA, UNITED STATES – 2021/01/27: A woman walks past the GameStop store in the Susquehanna Valley Mall. An online group sent GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) share prices soaring to squeeze short sellers.

Photo by Paul Weaver / SOPA Images / LightRocket via Getty Images

This week’s meme stock rally should pause on Thursday. GameStop and AMC Entertainment stocks, popular with Reddit traders, were under pressure on the pre-market. However, GameStop rose nearly 16% on Wednesday alone and nearly 44% last month. AMC rose 19% on Wednesday and 70% last month. GameStop is up nearly 1,200% this year, including epic gains in January. AMC has gained 822% since the beginning of the year. Strategists attribute the recent surge in these stocks to overselling.

4. Round 2 for bank managers after fireworks at the hearing on Wednesday

Jamie Dimon, chairman of the board of directors of JPMorgan Chase & Co., speaks virtually on a laptop during a Senate Committee hearing on Banking, Housing and Urban Affairs held in Tiskilwa, Illinois, USA on Tuesday, May 25, 2021.

Daniel Acker | Bloomberg | Getty Images

The CEOs of the big banks are facing a second round of barbecue by the legislature, as they testify before the House Financial Services Committee. Fireworks went off at Wednesday’s Senate Banking Committee hearing as progressive Senator Elizabeth Warren chased JPMorgan Chase’s Jamie Dimon. The Massachusetts Democrat called Dimon about the bank’s nearly $ 1.5 billion overdraft fees last year when borrowers struggled during Covid lockdowns. According to Dimon, JPMorgan waived overdraft fees for customers asking for relief. When asked if the bank would reimburse the fees to those who didn’t, Dimon said, “No.”

5. Biden orders a closer look at the origin of Covid, including a possible Wuhan lab leak

During the visit of the World Health Organization (WHO) team tasked with investigating the causes of coronavirus disease (COVID-19) in Wuhan, Hubei Province, China, on February 3, 2021, security guards will be on guard in front of the Wuhan Institute of Virology.

Thomas Peter | Reuters

President Joe Biden has ordered a closer scrutiny of the intelligence services, which he said are two equally plausible scenarios for the development of the coronavirus. Biden announced that earlier this year he asked the intelligence services to assess “whether it was human contact with an infected animal or a laboratory accident.” The hypothesis that the virus may have escaped a Chinese laboratory has grown in importance in recent months. CDC director Dr. Rochelle Walensky said in a Senate testimony last week that a lab leak origin was “a possibility”. China has rejected the laboratory theory.

– Reuters contributed to this report. Follow all market action like a pro on CNBC Pro. With CNBC’s coronavirus coverage, you’ll get the latest information on the pandemic.

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Business

5 issues to know earlier than the inventory market opens Friday

Earnings reports, the Fed will test the market rally in the week ahead

Here are the most important news, trends and analysis that investors need to start their trading day:

1. Dow futures rise as stocks head for winning week

A Wall Street sign is seen near the New York Stock Exchange (NYSE) in New York City, May 4, 2021.

Brendan McDermid | Reuters

Futures contracts for the Dow Jones Industrial Average jumped more than 150 points on Friday morning, leading the way as Wall Street looked to head into Memorial Day weekend with a winning week. The Nasdaq Composite has been the best performer this week, rising nearly 2%, while the S&P 500 and Dow have added roughly 1.1% and 0.7%, respectively. For the month, the S&P 500 and Dow are positive while the Nasdaq is down 1.6%.

Dow futures were helped by Salesforce, which rose more than 4% in premarket trading after a stronger-than-expected first-quarter report.

2. Meme stocks surging again

People wear face masks as they walk by a movie theater during the coronavirus disease (COVID-19) pandemic in Newport, New Jersey, April 2, 2021.

Eduardo Munoz | Reuters

The renewed surge in so-called meme stocks that are popular on Reddit showed no signs of slowing on Friday morning. Shares of movie theater chain AMC jumped more than 20% in premarket trading, while GameStop was up nearly 5%.

AMC’s stock price has more than doubled over the past week, while GameStop could open at its highest level since March.

3. Biden to unveil $5 trillion spending proposal

U.S. President Joe Biden delivers remarks on the economy during a visit to Cuyahoga Community College in Cleveland, Ohio, May 27, 2021.

Evelyn Hockstein | Reuters

President Joe Biden is set to release a proposal that calls for $5 trillion in additional spending over the next decade, a source familiar with the proposal tells CNBC. The proposal also includes raising $3.6 trillion in spending over that time frame, leaving an additional net deficit of $1.4 trillion.

The new spending is for Biden’s proposals to boost and extend the economic recovery: the American Jobs Plan and the American Families Plan.

The plan calls for $300 billion of that spending to be included in the 2022 fiscal year budget, which would push the total spending to $6 trillion for that period, according to the source.

4. Microsoft warns that the SolarWinds hackers are back

The Russian hackers thought to be responsible for the SolarWinds cyberattack have launched another assault, this time using emails from the U.S. Agency for International Development, according to Microsoft. The group, known as Nobelium, sent phishing emails to more than 3,000 accounts using a marketing email address from the platform Constant Contact used by the aid industry, Microsoft said in a blog post. The attack has target organizations across at least 24 countries, and at least a quarter of those organizations are involved in international development, humanitarian, and human rights work, Microsoft said.

5. Cathie Wood downplays inflation

Cathy Wood

Crystal Mercedes | CNBC

Don’t count Ark Invest’s Cathie Wood among the major investors worried about inflation. The star fund manager said Thursday during a conference that deflation was actually a bigger concern, predicting that prices for commodities and key industrial inputs would fall later in the year once the demand crush of the economic reopening normalizes.

A deflationary environment would be good innovation tech stocks and bitcoin, Wood said. She is a long-time bull of both asset classes.

— Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.

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5 issues to know earlier than the inventory market opens Friday, Could 21

5 things to know before the stock market opens Friday, May 21

Here are the top news, trends, and analysis that investors need to get their trading day started:

1. Stocks bet on more profits after stopping their three-day losing streak

Traders working on the New York Stock Exchange (NYSE) on May 19, 2021.

NYSE

US stock futures pointed to a second straight day of gains on Wall Street, the day after a rebound rally halted a three-session loss. The Nasdaq rose nearly 1.8% on Thursday, dragging the tech-heavy index into positive territory for the week. Prior to Friday’s trading, the Dow Jones Industrial Average and S&P 500 were still lower for the week, despite progressing more than 0.5% and 1% respectively on Thursday. Tesla, chip stocks, and other speculative names that had great success in the previous session rebounded on Thursday as bitcoin prices rebounded.

2. Bitcoin is hovering above $ 40,000 after a wild week

A representation of the virtual currency Bitcoin can be seen in this illustration from May 19, 2021 in front of a stock graph.

Given Ruvic | Reuters

Bitcoin was trading above $ 40,000 on Friday as the rebound of the world’s largest cryptocurrency by market value stabilized to a three-month low near $ 30,000 after its collapse on Wednesday. Limiting concerns about U.S. demands for stricter cryptocurrency compliance with the IRS has been a concern to keep profits under control. The Treasury Department announced steps Thursday to require that transfers of $ 10,000 or more be reported to the IRS. At this week’s lows, Bitcoin fell more than 50% from April’s all-time highs near $ 65,000.

3. The US proposes a global minimum corporate tax rate of 15%

Treasury Secretary Janet Yellen speaks during a daily press conference in the James Brady Press Briefing Room of the White House on May 7th in Washington, DC.

Alex Wong | Getty Images

The Biden government is proposing a minimum global corporate tax rate of 15%. However, Treasury said Thursday that the final rate could be even higher, citing 15% a “floor”, and discussions should continue to be ambitious and increase that rate. Treasury Secretary Janet Yellen, who was Jerome Powell’s predecessor as chairman of the Federal Reserve, said setting a global minimum rate would help halt the “race to the bottom” for tax rates around the world.

4. Tim Cook, Apple’s CEO, wants to testify in the Epic Games case

CEO Tim Cook speaks at an Apple event at corporate headquarters in Cupertino, California on September 10, 2019.

Stephen Lam | Reuters

Tim Cook, Apple’s CEO, will take the stand on Friday to defend the company’s app store against allegations that have become an illegal monopoly. Apple relies on Cook’s appearance to complete the company’s defense against antitrust proceedings by Fortnite manufacturer Epic Games. Epic claims Apple’s App Store has turned into a budget vehicle that earns 15% to 30% commissions from in-app transactions and prevents apps from offering other payment alternatives.

5. Tesla is raising prices for the fifth time in recent months

Tesla’s Model Y compact crossover vehicles in a showroom in Shanghai, China on Jan. 18, 2021.

VCG | Visual China Group | Getty Images

According to EV news site Electrek, Tesla has raised prices for its 3 and Y models for the fifth time in the past few months. The Model 3 Standard Range Plus and Model 3 Long Range AWD rose by $ 500 and now started at $ 39,490 and $ 48,490, respectively. The Y Long Range AWD model also rose $ 500 and now started at $ 51,490. No reason was given for the increases. The prices for the Model 3 Performance and Model Y Performance vehicles have not been increased.

– The Associated Press contributed to this report. Follow all market action like a pro on CNBC Pro. With CNBC’s coronavirus coverage, you’ll get the latest information on the pandemic.

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5 issues to know earlier than the inventory market opens Thursday, Could 20

5 things to know before the stock market opens Thursday, May 20

Here are the top news, trends, and analysis that investors need to get their trading day started:

1. Stock futures become positive after three days of losses

Traders work on the trading floor of the New York Stock Exchange.

NYSE

2. The weekly initial jobless claims hit the new low of the Covid era

The government reported a new Covid low for initial unemployment claims on Thursday. New jobless claims came in last week at fewer than 444,000 expected. The previous week was revised slightly to 478,000.

3. Bitcoin soars to nearly $ 42,000 after the slump on Wednesday

A representation of the virtual currency Bitcoin can be seen in this illustration from May 19, 2021 in front of a stock graph.

Given Ruvic | Reuters

Bitcoin surged to nearly $ 42,000 on Thursday after the world’s largest cryptocurrency tank hit 30% to three-month lows near $ 30,000 on Wednesday. That’s a drop of over 50% from last month’s all-time high of nearly $ 65,000. At Wednesday’s lows, the digital coin essentially broke even in 2021. However, over the past 12 months it has still increased by more than 200%. Bitcoin rebounded during Wednesday afternoon trading before pulling back later in the day and overnight.

4. Virgin Galactic will jump after the next space flight test scheduled for Saturday

Virgin Galactic’s Unity spacecraft fires its rocket engine and goes into space on February 22, 2019.

Virgo Galactic

Virgin Galactic’s shares rose nearly 24% on Thursday ahead of the market after the space tourism company announced it was planning Saturday for its next space flight test. The company announced this after completing a maintenance check on its carrier aircraft that threatened delays. Virgin Galactic aims to begin commercial service in 2022. Before the pre-IPO surge, the stock fell 27% this year and 65% over the past three months. Last week there was a big backlog after Cathie Woods Ark Invest announced that her company’s space exploration ETF had sold almost all of Virgin Galactic’s stake.

5. Oatly, backed by high profile investors, will begin trading

A carton of Oatly branded oat milk will be arranged for a photo in Brooklyn, New York on Tuesday, September 15, 2020. Photographer: Gabby Jones / Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Oatly will debut on the Nasdaq on Thursday after the IPO peaked at $ 17 per share, the expected range. The Swedish oat milk maker raised $ 1.4 billion and valued the company at $ 10 billion. Last year, Oatly raised $ 200 million in a funding round led by private equity firm Blackstone, including Oprah Winfrey, Natalie Portman, an entertainment firm founded by rapper Jay Z, and former Starbucks boss Howard Schultz.

– Reuters contributed to this report. Follow all market action like a pro on CNBC Pro. With CNBC’s coronavirus coverage, you’ll get the latest information on the pandemic.