Manage episode 293900003 series 2917102
Stocks open higher to start the month of June.
Here's what is happening in the markets today, Tuesday, June 1st.
U.S. stock futures jumped higher this morning. . It was because people are optimistic about the re-opening of the economy. The S&P 500 index came close to an all-time high on Friday - only 0.8 percent away
Stocks closed out May with their fourth straight month of gains
Covid cases continue to decline in the United States, as more people are vaccinated. More than half of the U.S. population has received at least one dose of a Covid vaccination, according to data from CDC posted on Sunday.
Stocks linked to a reopening economy led the gains in the premarket. Shares of Carnival Corp (CCL) and Norwegian Cruise Line Holdings (NCLH) jumped more than 2% apiece.
American Airlines (AAL) and United Airlines (UAL) gained more than 1.5% each.
Meme stock AMC Entertainment (AMC) was jumping again after selling $230.5 million in new stock to an investor. The shares were up 10% in premarket trading after doubling last week.
Nio (NIO) delivered 6,711 vehicles in May, an increase of 95% compared to a year ago for the China-based electric vehicle maker. Following those results, Citi upgraded Nio to “buy” from “neutral,” and raised its sales forecast for the company. Nio rallied 3.9% in premarket trading
Investors are awaiting the Federal Reserve’s meeting scheduled for June 15-16. The key for the markets is what the Federal Reserve thinks: "Is inflation higher than expected?" or "Is the economy strong enough that it won't need so much monetary support?"
May’s employment report, set to be released on Friday, will provide a key reading of the economy. Economists expect to see about 674,000 jobs created in May, after the much fewer-than-expected 266,000 jobs added in April.
This wraps up today's stock market news.
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