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5 things you should know before the stock market opens on June 18
- The S&P 500 reached a new record high.
- Nvidia is estimated to get a boost in a future rebalance.
- Apple discontinues its buy now, pay later program.
Here are five important things investors need to know to start the trading day:
It’s another record for the S&P 500. Gains in mega-cap technology stocks boosted the broad index during Monday’s trading session, leading the index to close at a new high of 5,473.23 after adding 0.77%. Mega-cap gains also boosted the information technology sector by 1.2%, with Litter, Microsoft, Alphabet, Amazon It is Metaplatforms everyone finishing the session louder. O Nasdaq Composite it also rose 0.95% to end at 17,857.02. This performance comes after both indexes posted their seventh weekly gain in eight weeks. The Dow Jones Industrial Average closed just behind both indexes, breaking a four-day losing streak with a 0.49% increase for the session. follow live market updates.
An Nvidia Blackwell GPU is displayed at Computex in Taipei, Taiwan, on June 4, 2024.
Ana Wang | Reuters
Nvidia It is rising. The index that Technology Selection Sector SPDR Fund (XLK) below is set for rebalancing, with the new calculations showing Nvidia’s weight increasing to 21%. The share weight on June 14 was just 6%. Overall, the new calculations will show Microsoft as the top stock in the index, with about 21%, followed by Nvidia close behind, according to Matthew Bartolini, head of SPDR Americas Research. Apple’s post-rebalancing weight, on the other hand, is estimated at 4.5%, which is much lower than the 22% its weight was on June 14.
Apple CEO Tim Cook participates in a panel discussion with Craig Federighi and John Giannandrea during the annual developer conference event at the company’s headquarters in Cupertino, California, U.S., June 10, 2024. REUTERS/Carlos Barria
Carlos Barria | Reuters
Apple Pay Later is being discontinued. Litterwhich launched its buy now, pay later program last year, said on Monday that stopped issuing loans through the program in the US Loans allowed customers to pay for online purchases of up to $1,000 in four interest-free installments. This comes after the company announced last week that it will allow installment loans in your Apple Pay checkout process later this year through outsourced companies such as Claim as well as credit and debit cards from issuers, including Citi Group. Rest assured, users with outstanding loans will still have access to Apple Pay Later features to pay off their loans, the company added.
Traders work under GameStop Corp. signage. on the floor of the New York Stock Exchange (NYSE) in New York, USA, on Friday, June 7, 2024.
Michael Nagle | Bloomberg | Getty Images
The future of GameStop It appears to be unclear at the moment. Shares hit session lows during Monday’s session following the video game retailer’s annual meeting completed without any updates about your strategies or future plans. The meeting lasted around 30 minutes and no shareholder was allowed to ask questions. While the retailer’s CEO, Ryan Cohen, reiterated the company’s plans to focus on reducing costs and increasing profits in his introductory remarks, he did not provide any details on future growth strategies. The company’s shares traded up to 17% lower on the session at $23.79.
A customer views a digital menu at the drive-thru in front of a McDonald’s restaurant in Peru, Illinois.
Daniel Acker | Bloomberg | Getty Images
No more artificial intelligence in the menu. McDonalds It’s officially Ending its AI drive-through technology experiment with IBM – partnership started in 2021 – in more than 100 restaurants. According to a memo sent to franchisees late last week and obtained by CNBC, the Automated Order Taker technology will be deactivated by July 26th. Two sources familiar with the AI technology told CNBC that it has faced challenges in interpreting different accents and dialects. This affected order accuracy, they said. The move comes as restaurants like Del Taco and Panera, among others, have begun testing ways to use AI to streamline business operations.
— CNBC’s Samantha Subin, Tanaya Macheel, Jesse Pound, Kif Leswing, Yun Li, Gabrielle Fonrouge and Kate Rogers contributed to this report.
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