Here are the most important news, trends and analysis investors need to start their trading day:
1. Dow is expected to jump on the first day of June
The New York Stock Exchange welcomes Lightning eMotors (NYSE: ZEV) on May 24, 2021 to celebrate its transition to a public company.
The month of June looked positive on Wall Street. Dow futures led the way on Tuesday, gaining more than 200 points or around 0.7%. The Dow Jones Industrial Average and S&P 500 broke two-week losing streaks with weekly gains of around 1%. The Nasdaq jumped 2% last week for its first two-week winning streak since mid-April. The Nasdaq, however, resisted May’s uptrend, losing 1.5% and ending a six-month winning streak. Investors already have Friday’s jobs report in May in sight, as well as the next Federal Reserve policymakers’ meeting on June 15-16.
A Bitcoin logo seen displayed on a smartphone with stock market percentages in the background in this illustration taken on April 26, 2021.
Omar Marques | SOPA Pictures | LightRocket | Getty Images
Bitcoin – 44% off April’s all-time high of nearly $ 65,000 – traded above $ 36,000 on Tuesday. The world’s largest digital currency was revisiting levels not seen since February. Bitcoin crashed last month, plunging more than 30% on May 19 to around $ 30,000. However, at Tuesday’s levels, it was still up around 24% in 2021 and 275% in the past 12 months.
2. AMC stocks will add to last week’s strong rally
AMC Empire 25 off Times Square is open as New York theaters reopen for the first time in a year after the coronavirus shutdown on March 5, 2021.
Angela Weiss | AFP | Getty Images
AMC Entertainment jumped again on Tuesday, up 17% in pre-market trading after the company sold more than 8 million shares to an investment firm. This is the latest in a series of capital increases for the struggling theater chain. AMC shares doubled last week with extremely high volume as retail investors on Reddit’s WallStreetBets forum again sparked interest. AMC chief executive Adam Aron tweeted Tuesday morning in support of the stock sale.
3. Biden to announce new efforts to narrow the racial wealth gap
U.S. President Joe Biden speaks during his visit to Joint Base Langley-Eustis with First Lady Jill Biden in Hampton, Virginia on May 28, 2021.
Ken Cedeno | Reuters
President Joe Biden will unveil new steps his administration plans to take to narrow the racial wealth gap on Tuesday. On a trip to Oklahoma to commemorate the centennial of the racial massacre in Tulsa, Biden will announce an increase in the share of federal contracts for disadvantaged small businesses; the overturning of two Trump-era housing rules; and the launch of a new initiative to tackle inequalities in housing valuation.
4. Elon Musk reveals the reason for the rising prices of Tesla vehicles
The Social Finance (SoFi) website on a laptop computer laid out in the Brooklyn neighborhood of New York, USA on Friday, March 26, 2021.
Gabby Jones | Bloomberg | Getty Images
Social finance, known as SoFi, should debut as a state-owned company on Tuesday after finalizing its merger with a PSPC backed by venture capitalist Chamath Palihapitiya last week. The deal, announced in January with special purpose acquisition company Social Capital Hedosophia Corp V, values SoFi at $ 8.65 billion. Palihapitiya, one of Facebook’s early executives, recently took several companies public through PSPCs, including Virgin Galactic.
– Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest pandemic news with CNBC’s coronavirus coverage.