Before the stock market opens, here are 5 important things to consider.
- The indexes closed with little movement Thursday.
- Investors await Friday's nonfarm payrolls report.
- GameStop jumped Thursday after "Roaring Kitty" scheduled a YouTube livestream.
To begin trading, investors should be aware of these five crucial pieces of information.
1. Barely changed
On Thursday, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all experienced slight fluctuations, ending the session with minimal changes. The S&P 500 fell by 0.02% to 5,352.96 after reaching an all-time intraday high during the trading day. The Dow Jones Industrial Average also fell slightly by 0.09% to 17,173.12, while the Nasdaq Composite rose 0.20% to close at 38,886.17. Despite the lack of movement among the major indexes, investors eagerly await Friday's nonfarm payrolls report for May to assess the shape of the labor market. Follow live market updates.
2. Jobs data on deck
The upcoming release of the nonfarm payrolls report for May could influence the Fed's decision to cut rates sooner if it falls below expectations. According to a survey by Dow Jones, economists anticipate the Bureau of Labor Statistics to report 190,000 job gains for the month, up from the 175,000 jobs added in April. Additionally, average hourly earnings are expected to increase by 0.3%, representing a 3.9% rise from the previous year.
3. Can't (Game)Stop
On Thursday, GameStop's stock price surged more than 40%, reaching session highs after "Roaring Kitty" announced a YouTube livestream. The investor, Keith Gill, scheduled the stream for noon on Friday, with traders anticipating a bullish discussion about his position in the stock. However, ahead of the scheduled stream, GameStop reported a 29% decline in sales and a $32 million loss for the first quarter. The video game retailer had initially planned to release the results later this month.
4. Walmart's hometown glory?
The town of Bentonville in Arkansas, known as Walmart's hometown, is experiencing rapid growth, with more cranes per capita than any other city in the country, according to Cushman & Wakefield/Sage Partners. This growth has led to the town possessing many amenities that people expect in bigger cities, such as comparable prices and dishes in its restaurant and bar scene to places like Miami. However, as other costs like rent and real estate costs continue to rise, concerns about affordability and displacement among longtime residents have emerged.
5. Rivian redesign
Rivian announced on Thursday that it has redesigned its all-electric R1 pickup and SUV models with Nvidia chips to enhance their computing power. The automaker claims that the new system increases the vehicles' performance 10 times more than the previous system. The new system features dual Nvidia DRIVE Orin processors that power the "Autonomy Compute Module," which includes driver-assistant features. A premium version of this system will also offer broader capabilities like hands-free driving "for periods of time." However, drivers will always have to pay attention to the road, Rivian said.
This report was contributed to by CNBC's Brian Evans, Samantha Subin, Jeff Cox, Yun Li, Fred Imbert, Melissa Repko, and Michael Wayland.
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