Nvidia Splits, Apple Tech Week, FOMC on the Horizon | Herd on Wall Street
Morning mooers! Happy Monday, June 10th. The market is open and cautiously lower after Friday's '21 inspired meme stock surge investors eyes are back to more current memes; watching the Nvidia stock split, Apple tech event, and an upcoming FOMC rate decision this Wednesday.
My name is Kevin Travers, here are stories from the herd on Wall Street today.
$KKR & Co (KKR.US)$ and $CrowdStrike (CRWD.US)$ climbed about 7% after news they would join the S&P 500 June 24th, alongside $GoDaddy (GDDY.US)$ that saw a 2% climb.
$Southwest Airlines (LUV.US)$ climbed about 6%, the highest on the S&P after a rumor activist investor Elliott Investment Management built a stake in the company, according to the Wall Street Journal.
$Illumina (ILMN.US)$ was the lowest decliner on the Nasdaq 100, down about 5% after news the firm would face delisiting from the S&P 500.
Investors can watch for earnings from $Oracle (ORCL.US)$ on Tuesday, $Broadcom (AVGO.US)$ Wednesday, and $Adobe (ADBE.US)$ Thursday. Investors are also sifting through announcements from Apple during its annual tech week, looking for anything related to tje recent AI boom.
In sectors, publicly listed semiconductor companies fell by about 0.60% following a nearly 2% drop in freshly split up Nvidia. The stock was trading below $120/share after a 10-1 split, a level not seen for two years.
Gold and Silver both climbed in price by about 50 bips and 110 bips, respectively. Crude oil futures climbed about 60 bips. Bitcoin pulled back a bit.
Indexes were lower on Monday while the market gears up for a macroeconomic-packed week.
As a recap, rigth after 10:20 AM EST, the $S&P 500 Index (.SPX.US)$ was lower 0.12%, the $Dow Jones Industrial Average (.DJI.US)$ fell 0.04%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.17%.
4200 equities climbed in the US compared to 6600 declining.
This week, investors can expect CPI and PPI data, but most importantly, an FOMC rate decision on Wednesday at 2 PM EST. The Fed will also display its economic predictions, a dot plot of where members of the Open Market Committee see rates in the coming months, and signal how many rate cuts it expects to make for the remainder of the year.
Last week, investors watched labor data that appeared too hot for the possibility of a rate cut.
Friday, the nonfarm payrolls release showed employment grew in April to 272,000 in May compared to 182K expected. According to the Labor Department, that's about 100k more than the economy added in April. The unemployment rate climbed to 4% for the first time in more than two years, up from April's 3.9%.
On Friday, mooers watched Roaring Kitty go live to talk about Gamestop, a stock that fell 38% Friday, and 20% or so while Kitty talked.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
2751Followers
509Following
6421Visitors
Follow
Rockhoundj : Thanks for the succinctness of the update as always. Slower down a bit bro.
Don’t me be all micromachines
Keep it up.
Paul Anthony Chin : visit our site and bigger than from the world
淡定的惠特莫爾 : Have you only seen the stock market turmoil lately? Up in a moment? Just a minute? Thank you for your professional analysis and encouragement!
Paul Anthony Chin : very good in the world