NVIDIA (NVDA) and Adv. Micro Devices (AMD) announced new AI chips. Treasury yields are lower. “Roaring Kitty” posted a screenshot showing a big position (common stock and call options) in GameStop (GME). Any guesses which way the broader market is leaning this morning?
If you guessed higher, you'd be right. If you guessed the Nasdaq 100 futures would be outperforming, then you'd be more right.
Currently, the S&P 500 futures are up 11 points and are trading 0.3% above fair value, the Nasdaq 100 futures are up 92 points and are trading 0.5% above fair value, and the Dow Jones Industrial Average futures are down four points and are trading roughly in-line with fair value.
NVIDIA is setting the pace for the broader market with a 3% gain. Meanwhile, GameStop is setting the pace for the meme stocks with a 70% gain.
These are both story stocks today, as is Waste Management (WM) which is acquiring Stericycle (SRCL) for $62.00 per share in cash. The larger story for many, though, is how the market finished on Friday. It finished with a hard-charging rally, and there is some carryover momentum today as a result that is meshing with new month inflows and the absence of any negative shocks from the weekend headlines.
OPEC+ in particular agreed to maintain its reduced production level through 2025, Mexico elected its first female president, and Prime Minster Modi's party won a weekend election in India much to the delight of India's stock market, which rallied 3.4% Monday to a fresh record in response.
This week will feature a buys news cycle.
The ASCO Conference continues in Chicago, driving a lot of headline news for pharma/biotech companies, more retailers will be reporting their quarterly results, the ECB is expected to cut its key lending rates at its policy meeting on Thursday, and the U.S. economic calendar features a full slate of data, starting today with the May ISM Manufacturing PMI at 10:00 a.m. ET and ending Friday with the May Employment Situation Report at 8:30 a.m. ET.
—
Originally Posted June 3, 2024 – NVIDIA and GameStop setting the pace
Disclosure: Interactive Brokers
Information posted on IBKR Campus that is provided by third-parties does NOT constitute a recommendation that you should contract for the services of that third party. Third-party participants who contribute to IBKR Campus are independent of Interactive Brokers and Interactive Brokers does not make any representations or warranties concerning the services offered, their past or future performance, or the accuracy of the information provided by the third party. Past performance is no guarantee of future results.
This material is from Briefing.com and is being posted with its permission. The views expressed in this material are solely those of the author and/or Briefing.com and Interactive Brokers is not endorsing or recommending any investment or trading discussed in the material. This material is not and should not be construed as an offer to buy or sell any security. It should not be construed as research or investment advice or a recommendation to buy, sell or hold any security or commodity. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
Disclosure: Security Futures
Security futures involve a high degree of risk and are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading security futures, please read the Security Futures Risk Disclosure Statement. For a copy visit ibkr.com
Disclosure: Options Trading
Options involve risk and are not suitable for all investors. Multiple leg strategies, including spreads, will incur multiple commission charges. For more information read the "Characteristics and Risks of Standardized Options" also known as the options disclosure document (ODD) or visit ibkr.com/occ
Join The Conversation
If you have a general question, it may already be covered in our FAQs. If you have an account-specific question or concern, please reach out to Client Services.