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
June was set for a positive start on Wall Street. Dow futures led the way Tuesday, with an over 250-point gain, more than 0.7%. 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 uptrend, 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 June 15-16 meeting of Federal Reserve policymakers.
Bitcoin — off 44% from April's all-time high near $65,000 — traded below $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 275% higher in the past 12 months.
2. AMC shares to add to last week's strong rally
AMC Entertainment surged again Tuesday, up 21% 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 CEO Adam Aron tweeted early Tuesday in support of the stock sale.
3. Biden to announce new efforts to narrow racial wealth gap
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 an initiative to address inequality in home appraisals.
4. Elon Musk reveals reason for Tesla vehicle price hikes
Price hikes on Tesla vehicles are due to "major supply chain pressure" across the auto industry, CEO Elon Musk said in response to a tweet. "Raw materials especially," Musk added.
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
Social Finance 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.
— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC's coronavirus coverage.
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June 01, 2021 at 07:01PM
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