36 minutes ago
Spotify and Cava among stocks making the biggest premarket moves
See the companies making headlines before the bell.
- Spotify — Shares of the music streaming service rose 4.8% after announcing Monday that it would raise prices for Spotify Premium subscriptions in the United States starting in July.
- MarineMax — MarineMax, a recreational boat and yacht services company, soared 19% following a report that OneWater Marine is in talks to buy the company for $40 a share in cash. Bloomberg was first to report the deal, citing people with knowledge of the matter.
- How are you — The Mediterranean fast-food chain fell nearly 2% following a downgrade by JPMorgan from overweight to neutral.
For the full list, read here.
— Pia Singh
54 minutes ago
Bull market is in its early stages, says Yardeni
The market is still in the early stages of a bull market, according to Ed Yardeni, president of Yardeni Research.
“I think it’s actually pretty early,” Yardeni said on CNBC’s “Squawk Box.” “Some people talk about mid-cycle… or the end of the story, but I don’t think that’s the case.”
Yardeni said continued productivity strength was likely. And while he sees similarities between today and the 1920s in terms of technology-driven improvements in living standards, he doesn’t necessarily foresee another crash like the one nearly a century ago .
As part of his “Roaring 20s” outlook, Yardeni expects the S&P 500 to end 2024 at 5,400; 2025 to 6,000; and 2026 at 6,500. Its forecast for the end of 2024 implies a 2.3% rise from Friday’s close.
-Alex Harring
An hour ago
Stericycle soars following acquisition announcement
Shares of waste disposal company Stericycle soared more than 7% in premarket trading following news that Waste Management was acquiring the company for $7.2 billion.
See the table…
Stericycle stock.
Waste Management will acquire Stericycle for $62 per share, representing a premium of about 20% to Stericycle stock’s Friday close.
—Brian Evans
3 hours ago
GameStop shares rebound 74% after latest posts from ‘Roaring Kitty’
GameStop shares rose more than 74% amid speculation that Keith Gill, who inspired the 2021 short squeeze, could take a large position in the video game retailer.
Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and worth $115.7 million. The image also showed 120,000 call options in GameStop.
6 hours ago
European markets open higher
European markets started the month higher on Monday, extending last week’s rally as investors eagerly await the latest interest rate decision from the European Central Bank later this week.
Britain’s FTSE 100 index rose 0.63% to 8,326, Germany’s DAX rose 0.79% to 18,648 and France’s CAC rose 0.72% to 8,050. Italy was also up 0.8% to 34,762.
European markets
| TELEPRINTER | BUSINESS | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE100 | 8,298.80 | +23.42 | +0.28% |
| .GDAXI | DAX | 18,664.10 | +166.16 | +0.90% |
| .FCHI | CAC 40 index | 8,023.65 | +30.78 | +0.39% |
| .FTMIB | MIB FTSE | 34,792.34 | +299.93 | +0.87% |
| .IBEX | IBEX 35 Idx | 11,392.60 | +70.60 | +0.62% |
8 hours ago
S. Korean energy stocks rise after government greenlights exploration plans
South Korean energy stocks rose after the government gave the green light to exploratory drilling for vast oil and gas resources off the country’s east coast.
Shares of Korea Gas Corporation jumped 29.87%. Daesung Energy rose 28.25%, while SK Innovation climbed 7.9% and SK Gas gained 15.97%.
South Korean President Yoon Suk Yeol reportedly told a news conference that there was a “very high” possibility that the area could contain up to 14 billion barrels of oil and gas.
—Lee Ying Shan
9 hours ago
Indian stocks record intraday highs as exit polls show Modi-led alliance with BJP expected to win majority
After overtaking the Hong Kong stock market in December, India is currently the world’s fourth-largest stock market and is now valued at over $4 trillion.
Javier Ghersi | Instant | Getty Images
Equity indicators in India hit intraday highs, with the Nifty 50 index up around 3% and the S&P BSE Sensex Total Return index up around 2.6%.
Local exit polls over the weekend suggested that Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance were poised for a rare third consecutive term in power.
The National Democratic Alliance, led by the BJP, is expected to win around 365 of the 543 seats in the lower house of India’s Parliament, according to the poll summary published by local news channel NDTV.
However, the final results, expected on Tuesday, could deviate from the projections at the end of the polls.
— Shreyashi Sanyal, Charmaine Jacob
11 hours ago
Chinese factory activity in May grows fastest in nearly two years, estimates show
A private survey showed that Chinese manufacturing activity grew at its fastest pace in almost two years, contrary to official figures.
The Caixin survey showed the seasonally adjusted manufacturing PMI rose to 51.7 in May from 51.4 the previous month, its fastest pace since June 2022. It was also higher than a poll forecast Reuters 51.5.
The private investigation comes after official data released Friday showed China’s manufacturing sector contracted unexpectedly in May.
The Caixin survey also indicates that sentiment among Chinese manufacturers remained positive in May, on hopes that market demand can improve both locally and overseas to support higher production this year.
-Shreyashi Sanyal
11 hours ago
South Korea’s May manufacturing PMI rises at fastest pace in nearly 3 years
A private survey showed in May that South Korea’s manufacturing activity grew at its fastest pace in nearly three years.
South Korea’s manufacturing purchasing managers’ index showed a return to growth in May, coming in at 51.6 from 49.4 in April, the strongest since July 2021.
“After recovery efforts appeared to stall recently, growth surged in May as stronger demand, both domestic and foreign, pushed output growth to its strongest level in nearly three years,” said Joe Hayes, senior economist at S&P Global Market Intelligence.
-Shreyashi Sanyal
14 hours ago
Nvidia announces latest AI chip model
Nvidia announced new AI chips on Sunday even before its latest model shipped to customers.
The new chip model is called “Rubin”. Nvidia announced its “Blackwell” chips in March. Huang said on Sunday that Nvidia plans to release new AI chip models at a “year-long pace.”
Nvidia shares have been rising for more than 120 years, even as other deep-pocketed tech companies try to compete with the AI leader.
—Jesse Pound, Rebecca Picciotto
15 hours ago
Opening of stock futures little changed
Stock futures were virtually unchanged shortly after 6 p.m. in New York, with all three major contracts within 0.2% of the flatline.
—Jesse Book
15 hours ago
Key economic reports this week
Here are some of this week’s notable economic and business updates. All times ET:
Monday 3rd june
10:00 Construction expenses (April)
10:00 a.m. ISM Manufacturing (May)
Tuesday June 4
10:00 JOLTS job offers (April)
Earnings: Hewlett Packard Enterprise, Bath & Body Works
Wednesday June 5
10:00 a.m. ISM PMI Services (May)
Winnings: Campbell Soup, Dollar Tree
Thursday June 6
8:30 a.m. First unemployment claims
Earnings: JM Smucker Co.
Friday June 7
8:30 a.m. May jobs report
—Jesse Pound, Sarah Min