U.S. Stock Index Futures Hold Steady as Europe and Canada Prep for Rate Cuts
In the calm before the storm, U.S. stock index futures took a leisurely paddle on Monday evening, with investors eagerly awaiting anticipated interest rate cuts from Europe and Canada. Meanwhile, key U.S. labor market reports loomed large on the horizon.
Monday’s trading session on the New York Stock Exchange was a rollercoaster of technical glitches, triggering volatility and halting major stocks. Thankfully, the tech gremlins were evicted by session’s end, and trading resumed its usual frenetic pace.
By 19:23 ET (23:23 GMT), S&P 500 Futures edged up 0.1% to 5,300.25 points, Nasdaq 100 Futures also nudged 0.1% higher to 18,662.50 points, while Dow Jones Futures remained as still as a pond at 38,668.0 points.
Rate Cut Fever: Investors Bet on a September Slash With the U.S. economy showing signs of cooling, investors are doubling down on bets that the Federal Reserve will trim interest rates in September. The CME Fedwatch tool showed traders now give a 52.5% chance of a 25 basis point cut, up from yesterday’s 47%.
Fresh data painted a lackluster picture: May’s Purchasing Managers Index indicated a second consecutive month of slowing manufacturing activity, and recent GDP figures were revised downward for the first quarter.
Eyes this week are glued to the upcoming nonfarm payrolls data, a crucial piece in the Fed’s rate cut puzzle, with JOLTS job openings data slated for Tuesday. The Fed, poised to meet next week, is expected to keep rates steady for now.
Meanwhile, across the pond and up north, the European Central Bank and the Bank of Canada are both likely to lower interest rates this week.
Wall Street Cheers Nvidia’s AI Chip News The S&P 500 inched up 0.1% to close at 5,283.40 points on Monday, the NASDAQ Composite gained 0.6% to 16,828.63 points, while the Dow Jones Industrial Average slipped 0.3% to 38,871.03 points.
Technology stocks, especially Nvidia Corporation (NASDAQ: NVDA), led the charge. Nvidia surged nearly 5% and flirted with record highs in after-hours trading after debuting a new line of AI processors.
Conversely, Advanced Micro Devices Inc. (NASDAQ: AMD) dropped 2%, even as it introduced its own AI chips to rival Nvidia.
GameStop Rockets on Roaring Kitty’s Bet GameStop Corp (NYSE: GME) soared 21% to $28.0, having skyrocketed as much as 78% earlier in the day. The stock climbed another 4% in aftermarket trading.
The video game retailer’s meteoric rise followed revelations from influencer Keith Gill, aka Roaring Kitty, who lit the fuse on the 2021 meme stock rally. Gill disclosed a hefty $115.7 million stake in GameStop.
Other meme stocks like AMC Entertainment Holdings Inc (NYSE: AMC) and Koss Corporation (NASDAQ: KOSS) also made gains, albeit at a more leisurely pace.
VCIG GIVES FULL YEAR GUIDANCE AFTER SEEING REVENUES INCREASE OVER 145% in 2023
KUALA LUMPUR, Malaysia, June 3, 2024 – VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the “Company”), a diversified holding company focusing on consulting and technology, announces revenue guidance for the fiscal year of 2024.
“VCI Global delivered a strong financial year that exceeded expectations across key metrics. We gained market share with positive comparable sales demonstrating improved relevance with our business model. The milestone that we have executed so far this year has given us confidence to raise both sales and operating income guidance for the full year. We are on a journey to become a high-performing company in every phase of our business, said Victor Hoo, Executive Chairman and Chief Executive Officer of VCI Global.
As a result of its strong 2023-year-end results, VCIG is currently giving its outlook for fiscal 2024, reflecting higher net sales and meaningfully higher operating income growth compared to its prior expectations. This outlook takes into consideration the continued uncertain consumer and macro environment.
Investing on a Tuesday is like a choosing-your-own-adventure book with the market as the quirky narrator. Just when you think you’ve settled into a predictable plot, a twist emerges—whether it’s a surprise earnings report, a geopolitical hiccup, or a celebrity tweet that sends meme stocks on a rollercoaster. So, strap in, keep your wits about you, and remember: in the wild world of Tuesday trading, anything can happen, and probably will.