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5 Things You Should Know Before the Stock Market Opens Thursday, June 20
- Nvidia has become the most valuable public company in the world.
- Boeing’s CEO went to Capitol Hill to defend the company as concerns grow about its safety and quality failures.
- The S&P 500 and Nasdaq Composite continued to post record highs.
Here are five important things investors need to know to start the trading day:
O S&P 500 broke another record on Tuesday (which was the most recent trading day as markets were closed on Wednesday for the June bank holiday). The broad market index rose 0.25%, while the Nasdaq Composite also reached another new high, rising 0.03%. O Dow Jones Industrial AverageMeanwhile, it rose 56.76 points, or 0.15%. Nvidia was the star of the show once again on Tuesday, rising 3.5%. Looking ahead, investors will be watching early unemployment claims numbers and housing starts data on Thursday morning. follow live market updates.
Nvidia CEO Jensen Huang delivers his keynote address ahead of Computex 2024 in Taipei on June 2, 2024.
Sam Yes | AFP | Getty Images
There is a new king of the stock market. Nvidia became the most valuable public company in the world on Tuesday, when its market capital surpassed Microsoft‘s. The chipmaker’s shares rose 3.5% on the day, giving the company a market value of $3.34 trillion and pushing it above Microsoft’s $3.32 trillion. Nvidia, considered the engine behind the AI explosion, has had a meteoric rise to the top of the stock market. Its shares are up more than 170% so far in 2024.
Boeing CEO Dave Calhoun testifies before a Senate Homeland Security and Governmental Affairs Committee Investigations Subcommittee hearing on the safety culture at Boeing on Capitol Hill in Washington, U.S., June 18, 2024.
Kevin Lamarque | Reuters
A Senate panel questioned Boeing CEO Dave Calhoun on Tuesday about the company safety and quality lapses, allegations of cost-cutting by whistleblowers and Calhoun’s own salary package. The plane maker’s reputation has been tarnished since a plane door panel exploded in mid-air. Alaska Airlines flight in January. The Senate subcommittee also released new testimony from a quality assurance investigator who said the company lost track of parts that were damaged or not up to specifications. Calhoun, who said that would resign by the end of the year, testified that the company has heard concerns about its culture “loud and clear” and is “taking action and making progress.”
Outdoor advertisement for the Olive Garden restaurant.
João Greim | Light Rocket | Getty Images
Parent company of Olive Garden Darden Restaurants On thursday reported earnings which exceeded analysts’ expectations, but revenue fell slightly short of forecasts. The company’s high-end restaurants have struggled more than analysts expected. Darden’s fiscal fourth-quarter net sales increased 6.8% to $2.96 billion, led by the company’s acquisition of Ruth’s Chris Steak House and 37 other net new locations. The restaurant chain’s shares rose more than 1% in premarket trading.
Ilya Sutskever, Russian-Israeli-Canadian computer scientist, co-founder and chief scientist at OpenAI, speaks at Tel Aviv University in Tel Aviv on June 5, 2023.
Jack Guez | AFP | Getty Images
OpenAI co-founder Ilya Sutskever is launching a new artificial intelligence company. He’s calling his new venture Secure Superintelligence, or SSI, and said in a post on X that he would continue to focus on security. Sutskever was previously the chief scientist at OpenAI. He was one of several board members who clashed with OpenAI CEO Sam Altman over the company’s handling of AI security and part of the group that unsuccessfully tried to remove Altman from your job title.
— CNBC’s Samantha Subin, Brian Evans, Kif Leswing, Leslie Josephs, Amelia Lucas, Todd Haselton and Rohan Goswami contributed to this report.
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