[ad_1]
Here are the top news, trends and analysis that investors need to start their trading day:
1. The S&P 500 is poised to hit record highs last month
Traders on the floor of the New York Stock Exchange.
Source: NYSE
US stock futures turned positive on Tuesday, with the S&P 500 set to hit record highs last month despite a slight dip on Monday. The Dow Jones Industrial Average, which was also down on Monday, was well below 1%’s record closing level for May. The Nasdaq started the week with modest gains, bringing the tech-heavy index less than 2% from its record close in late April.
Meme’s shares continued their first market rally on Tuesday, led by AMC Entertainment up 5%. Shares of the movie theater chain jumped nearly 15% on Monday after rising more than 80% last week. The Securities and Exchange Commission said on Monday it is monitoring volatility in the market and pledged to protect retail investors.
Shares of Tesla, which fell 10% in the past month, rebounded 3% in the primary market on Tuesday after the electric car maker said it delivered 33,463 Chinese-made vehicles in that market in May. This is a 29% increase from April when production was affected by the shutdown.
2. Restore news sites including The New York Times after a power outage
The outage that brought several websites to a halt on Tuesday morning has been fixed, and the bottom has evaporated in US stock futures. Reddit and global news sites including the Financial Times, The New York Times and Bloomberg are down, as some users were unable to access those sites as early as Tuesday. Most of them are back online after a problem with the Fastly Content Delivery Network. Just before 7 AM ET, Fastly said on its website that “the problem has been identified and a fix has been applied.” Fastly’s shares were down about 2% in pre-market trading.
3. Bitcoin Drops 7% After US Takes Most of Colonial Pipeline Ransoms
The Bitcoin logo displayed on a smartphone with stock market ratios in the background in this illustration taken on April 26, 2021.
Omar Marquez | SOPA photos | Light Rocket | Getty Images
Bitcoin fell more than 7% to below $33,000 on Tuesday. While the reason for the move was not clear, it may be related to cryptographic security concerns after US officials were able to recover most of the ransom paid to hackers who targeted Colonial’s pipeline. Court documents said investigators gained access to the password to one of the hackers’ Bitcoin wallets.
Storage tanks at Colonial Pipeline Inc’s facility in Avenell, New Jersey, on Wednesday, May 12, 2021.
Mark Kozlaric | Bloomberg | Getty Images
Colonial Pipeline CEO Joseph Blount is scheduled to testify Tuesday before the Senate Homeland Security Committee. He is expected to face questions about the company’s response to the cyber attack and its decision to allow the payment of $4.4 million in ransomware.
4. The White House Unveils Plans to Strengthen Critical Supply Chains
President Joe Biden talks about his May jobs report on June 4, 2021, at the Rehoboth Beach, Delaware Convention Center.
Jim Watson | AFP | Getty Images
The Biden administration is set to announce a series of steps designed to bolster critical US supply chains Tuesday, building domestic manufacturing capabilities for key products and addressing existing vulnerabilities. The report’s initial recommendations focus on four products critical to the US economy: large capacity lithium batteries, rare earth metals, semiconductors, and active pharmaceutical ingredients.
5. Apple Offers Privacy in Software Updates at its Developer Conference
Apple unveiled new versions of its operating systems on Monday, which showed the company’s focus on privacy had taken a new turn. It’s not just a corporate idea or a marketing point anymore. It is now a major initiative across Apple that differentiates its products from Android and Windows competitors. In addition to privacy, Monday’s announcements at Apple’s Worldwide Developers Conference included support for FaceTime on Windows and Android and a redesign of iMessage that turns photos sent into galleries.
– Reuters contributed to this report. Follow all the market moves like a pro on CNBC Pro. Get the latest news on the pandemic with CNBC’s coverage of the coronavirus.
.
[ad_2]
Picture Credit!