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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