MRKT MATRIX: June 3, 2024

Today’s Top Stories:

• Dow falls 200 points to kick off June trading on concerns about the economy (CNBC)

• NYSE says technical issue that caused Berkshire Hathaway to be displayed down 99% is fixed (CNBC)

• Oil hits four-month low as OPEC+ decision fails to allay demand worries (Reuters)

• Bad economic news has been good for stocks, but that could change this week (CNBC)

• AMD announces new AI chips amid intensifying competition with Nvidia, Intel (CNBC)

• Nvidia’s stock is responsible for a third of the S&P 500’s gains this year (MarketWatch)

• Spotify raises prices of premium subscription plans (CNBC)

• E*Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform (WSJ)

• The Great Divide (Axios)

• Mexican Stocks and Peso Slide After Ruling Party's Landslide Election Victory (WSJ)

Today’s MRKT Call is Presented by CME Group

Live Charts & Trades: SPY, Crude, OIH, SMH, IGV, TSLA, BYDDF

Dan Nathan and Guy Adami break down the top market headlines and bring you stock market trade ideas for Monday, June 3rd.

Click here to access all of the charts mentioned in today’s MRKT Call.

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Today’s On The Tape is Presented by CME Group, iConnections and SoFi

Money Aint Got No Owners Only Spenders

On this episode of “On The Tape,” Guy Adami and Dan Nathan talk about crazy month-end price action (4:00), narrowing leadership (7:30), what happens if the Fed doesn’t cut (13:00), consumer spending (16:00), the economy vs. the stock market (19:00), options pros worries about the S&P 500 rally (26:30), oil/OPEC+ (30:30), Nvidia gaps up on product announcement (32:00).

Articles Mentioned on this Podcast:

• S&P 500 enters June near a record but with growing concerns about the market’s narrow leadership (CNBC)

• The Fed Won’t Cut Rates This Year (Barron’s)

• Key Engines of US Consumer Spending Are Losing Steam All at Once (Bloomberg)

• Majority of Americans wrongly believe US is in recession – and most blame Biden (The Guardian)

• Options Pros Are Worried About S&P 500 Rally’s Staying Power (Bloomberg)

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