The Dow and S&P 500 experienced declines at midday on Monday, June 3, 2024, driven by economic worries following a report of contraction in the manufacturing sector during May.
Paramount Global saw its shares surge after news broke that the entertainment giant had agreed to a takeover by Skydance Media and partners. Meanwhile, GameStop shares soared following a Reddit post by Keith Gill, known as “Roaring Kitty,” revealing a portfolio holding 5 million shares valued at over $100 million.
Market Update: U.S. Equities and Key Movements
At midday, U.S. equities faced declines triggered by a report indicating a contraction in the U.S. manufacturing sector for May. The Dow and S&P 500 showed losses, while the Nasdaq remained relatively stable.
Waste Management (WM) shares dropped after the company announced a $7.2 billion acquisition of medical waste disposal firm Stericycle (SRCL). Conversely, Stericycle’s shares surged on the news.
GSK (GSK) American depositary receipts (ADRs) declined following a Delaware judge’s ruling allowing lawsuits to proceed against the drugmaker over allegations that its former heartburn treatment Zantac caused cancer.
Cava Group (CAVA) shares fell after a downgrade by JPMorgan, citing concerns that the stock price of the fast-casual restaurant chain had become overvalued.
Nvidia (NVDA) shares saw gains after the chipmaker unveiled its next-generation artificial intelligence platform. Shares of Nvidia’s partners, including Micron Technology (MU), TSMC (TSM), and Arm (ARM), also rose in response.
Paramount Global (PARA) shares surged on reports that the entertainment company had agreed to a takeover by Skydance Media and its partners, valued at approximately $8 billion.
Spotify Technology (SPOT) shares rose as the streaming audio service announced plans to increase prices.
GameStop (GME) shares soared after Keith Gill, known as “Roaring Kitty,” shared on social media a screenshot of his portfolio holding 5 million shares worth over $100 million.
Additionally, oil futures declined while gold prices advanced. The yield on the 10-year Treasury note decreased, and the U.S. dollar weakened against the euro, pound, and yen. Most major cryptocurrencies saw higher trading activity.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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