Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow set to jump on the first day of June
The New York Stock Exchange welcomes Lightning eMotors (NYSE: ZEV), on May 24, 2021, in celebration of its transition to a public company.
June was set for a positive start on Wall Street. Dow futures led the way Tuesday, with an over 200-point or about a 0.7% gain. The Dow Jones Industrial Average and S&P 500 broke two-week losing streaks with weekly gains around 1%. The Nasdaq jumped 2% last week for its first two-week winning streak since mid-April. The Nasdaq, however, bucked May’s up-trend, dropping 1.5% and ending a six-month winning streak. Investors already have Friday’s May employment report in their sights, as well as the upcoming meeting of Federal Reserve policymakers on June 15-16.
A Bitcoin logo seen displayed on a smartphone with stock market percentages in the background in this illustration taken April 26, 2021.
Omar Marques | SOPA Images | LightRocket | Getty Images
Bitcoin — off 44% from April’s all-time high near $65,000 — traded above $36,000 on Tuesday. The world’s biggest digital currency was revisiting levels not seen since February. Bitcoin crashed last month, plunging more tan 30% on May 19 to around $30,000. However, at Tuesday’s levels, it was still up about 24% in 2021 and up 275% in the past 12 months.
2. AMC shares to add to last week’s strong rally
The AMC Empire 25 off Times Square is open as New York City’s cinemas reopen for the first time in a year following the coronavirus shutdown, on March 5, 2021.
Angela Weiss | AFP | Getty Images
AMC Entertainment surged again Tuesday, up 17% in premarket trading after the company sold more than 8 million shares to an investment firm. It’s the latest in a series of capital raises for the struggling theater chain. AMC shares doubled last week on extremely high volume as retail investors on Reddit’s WallStreetBets forum drove interest once again. AMC chief executive Adam Aron tweeted early Tuesday in support of the stock sale.
3. Biden to announce new efforts to narrow racial wealth gap
U.S. President Joe Biden speaks as he visits Joint Base Langley-Eustis with first lady Jill Biden, in Hampton, Virginia, May 28, 2021.
Ken Cedeno | Reuters
President Joe Biden on Tuesday will unveil new measures his administration plans to take to narrow the racial wealth gap. During a trip to Oklahoma to commemorate 100 years since the Tulsa race massacre, Biden will announce an increase in the share of federal contracts for small, disadvantaged businesses; the reversal of two Trump-era housing rules; and the launch of a new initiative to address inequality in home appraisals.
4. Elon Musk reveals reason for Tesla vehicle price hikes
In May, Tesla increased its Model 3 and Model Y prices, the automaker’s fifth incremental price increase for its vehicles in just a few months, according to EV news site Electrek.
5. SoFi to debut on Wall Street after closing SPAC deal
The website for Social Finance (SoFi) on a laptop computer arranged in the Brooklyn borough of New York, U.S., on Friday, March 26, 2021.
Gabby Jones | Bloomberg | Getty Images
Social Finance, known as SoFi, is expected to debut as a public company Tuesday after completing last week its merger with a SPAC backed by venture capital investor Chamath Palihapitiya. The transaction, announced in January with the Social Capital Hedosophia Corp V special purpose acquisition company, valued SoFi at $8.65 billion. Palihapitiya, an early Facebook executive, has recently taken multiple companies public through SPACs, including Virgin Galactic.