5 things to know before the stock market opens on Monday

News Update - Pre-Market

Here are the top five things investors need to know to start day trading:

1. Nvidia splits

Stock futures fell on Monday morning after polishing off a winning week on Friday. Dow Jones Industrial Average futures fell about 0.2%, while S&P 500 and Nasdaq 100 futures were fractionally lower. Nvidia stocks, increasingly a market mover recently, were also down in premarket trading. Shares in the maker of artificial intelligence-enabled chips fell 0.2% after a 10-1 split took effect. Shares now trade for about $120 each. Follow live market updates.

2. Pigeons cry

U.S. Federal Reserve Chairman Jerome Powell holds a news conference after a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., May 1, 2024.

Kevin Lamarque | Reuters

Good news for jobs Friday was bad news for investors expecting the Federal Reserve to cut rates. Market expectations for an interest rate cut fell as job and wage growth in May came in better than expected. Fed funds futures now point to almost no chance of a rate cut at policy meetings this month and next, and just a 54% probability in September. Hopes for easier monetary policy — and the bigger stock market returns that could come with it — have dimmed this year as inflation remains above the Fed’s 2% target. The consumer price index due on Wednesday and the producer price index due on Thursday will both help determine the central bank’s rate path ahead.

3. Profits, stopped

A landing page for Keith Gill, a Reddit user credited with GameStop’s inspirational rally, before a YouTube live stream arranged on a laptop at the New York Stock Exchange (NYSE) in New York, US, on Friday, 7 June 2024.

Michael Nagle | Bloomberg | Getty Images

GameStop returned to Earth on Friday. Shares of the video game retailer fell 40% after it reported sales fell 29% in the first quarter and said it planned to sell more stock. A live stream from the dealer known as “Roaring Kitty” didn’t help either. The godfather of the meme stock craze, who can send GameStop stock soaring with one social media post, offered little new information about the company and his stake in it. Shares of GameStop rose more than 40% on Thursday after the trader, Keith Gill, set the live stream. Friday’s drop continued a wild ride for GameStop since Gill resurfaced last month. The stock was halted 17 times during the session, the most since trading was suspended 19 times in January 2021.

4. Double or nothing

French President Emmanuel Macron speaks with CNBC’s Andrew Ross Sorkin (not shown), in Paris on May 23, 2024.

CNBC

French President Emmanuel Macron is dissolving the country’s parliament and calling for new legislative elections after a humiliating defeat for his party in an EU vote. Sunday’s election results showed Marine Le Pen’s far-right party with around 31% of the vote, doubling support for Macron’s centrist Renaissance Party. “This is an essential time for clarification,” Macron said in a national address on Sunday. “I have heard your message, your concerns and I will not leave them unanswered.” French voters will return to the polls on June 30 and July 7.

5. Cars at cost

American automakers have had a hard time selling their electric vehicles. Sign in Costco. General Motors is increasingly selling EVs through its partnership with the membership club’s Costco Auto Program. It acts as an intermediary between franchise dealers and vehicle manufacturers and its members, who can receive vehicle discounts. GM North America President Marissa West said the automaker is “good” at Costco and its ability to encourage EV adoption. Costco’s program has facilitated an average of more than 500,000 vehicle sales annually over the past five years.

CNBC’s Sarah Min, Jeff Cox, Fred Imbert, Yun Li, Alex Harring, Mike Wayland and Katrina Bishop contributed to this report.

— Follow the broader market action like a pro CNBC Pro.

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Image Source : www.cnbc.com

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