Here are five key things investors need to know when starting their trading day:
1. All mixed up
Major stock indexes ended mixed last week, S&P 500 Index and Nasdaq Index Both posted gains for their seventh week in the past eight, rising 1.6% and 3.2% respectively. The S&P and Nasdaq were boosted by gains in technology stocks. At the same time, blue chip stocks Dow Jones Industrial Average The closing price marked the third weekly decline in the past four years. Also on Friday, a University of Michigan consumer survey showed an unexpected drop in consumer confidence in June. It will be a shortened trading week as markets are closed Wednesday for the Juneteenth holiday. Follow real-time market updates.
2. Feel good
Joy, sadness, anger, fear and disgust meet new emotions in Disney and Pixar’s Inside Out 2.
Disney | Pixar
disney Pixar must be feeling a little happy. The duo’s animated film “Inside Out” debuted this weekend with an estimated $155 million at the domestic box office. This is the second-highest box office result for an animated film, behind only 2018’s “The Incredibles 2.” It’s also the first movie to debut above $100 million since last summer’s smash hit “Barbie.” In addition, the global box office of “Inside Out 2” is expected to reach US$295 million over the weekend. “This is obviously a huge win for theaters,” said Comscore senior media analyst Paul Dergarabedian. “This is an even bigger win for Pixar.”
3. Not too sweet
On April 29, 2023, in a village in Simfra, Côte d’Ivoire, a farmer held cocoa beans and dried them.
Luc Nago | Reuters
In a bittersweet twist, cocoa prices have been soaring this year, reaching record highs. That’s causing headaches for some candy makers who rely on chocolate. Some of the biggest players – including Hershey’s, M&M’s maker Mars, Kinder owner Ferrero and Cadbury owner Mondelez – may be safe for now, despite concerns about lower-than-expected harvests as they sign long-term contract. But the company is still looking for ways to increase profits, including trying different flavors, reducing the amount of chocolate in its products and diversifying its product mix. “It won’t stop us from using chocolate, but it will make us think and say, ‘Now, if we do this innovation at the new pricing, will it sell?’ And then when we sell it, ‘Will it sell at sufficient price? Low cost for customers to sell it and still make a good profit?
4. Unstable
On April 14, 2022, Do Kwon, co-founder and CEO of Terraform Labs, at the company’s office in Seoul, South Korea.
Cao Yuhai | Bloomberg | Getty Images
U.S. criminal, civil and bankruptcy courts have spent years cleaning up the mess left by the collapse of Terraform Labs, one of the most popular U.S.-pegged stablecoins on the market. When the algorithm failed in May 2022, investors lost $40 billion in market value overnight and led to the bankruptcy of hedge fund Three Arrows Capital and cryptocurrency lenders Voyager Digital, BlockFi and Genesis. This also triggered a crisis of trust in the industry and accelerated the decline of cryptocurrencies. Last week, a judge signed off on a $4.5 billion settlement between co-founder and CEO Do Kwon and his bankrupt Terraform Labs and the U.S. Securities and Exchange Commission. It’s unclear how they will pay the fine, but it is the latest example of bad actors in the cryptocurrency space.
5. Kushner’s deal
Former White House Senior Advisor Jared Kushner at the Future Investment Initiative (FII) Institute Priorities Summit in Miami, Florida, United States, Friday, March 31, 2023.
Marco Bello | Bloomberg | Getty Images
Jared Kushner left the White House to embark on a new career in private equity. One of his early investments was Amazon aggregator Unybrands. But his firm, Affinity Partners, invested $75 million in early 2022 (not previously publicly disclosed), at the height of the frothy market. At the time, such aggregators planned to attract independent sellers on Amazon’s marketplace, but with a record wave of venture capital investment in 2021, the tech bubble is bursting. Affinity now controls the companion.
—CNBC’s Lisa Kailai Han, Tanaya Macheel, Sarah Whitten, Amelia Lucas, MacKenzie Sigalos and Annie Palmer contributed to this report.
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