The Market News Today: S&P Traders Bracing for JOLTS Data Ahead of Friday’s NFP

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Stock Futures Lower After Uneven Start to June

Stock futures fell on Tuesday after a mixed start to June. The Dow Jones Industrial Average dipped on Monday, while the S&P 500 and Nasdaq rose slightly. Weak manufacturing data is causing investor concern about slowing growth and the Federal Reserve’s interest rate decisions. Important economic data on job openings (JOLTS) and factory orders is due on Tuesday, with the key May jobs report coming on Friday.

GameStop Soars, Gill Holds Amid E-Trade Ban Talk

GameStop’s volatility continues. After Monday’s 21% surge fueled by speculation meme stock leader Keith Gill (“DeepF–Value”) held his position, the stock dipped initially. However, it rebounded in extended trading, climbing 4%. Gill’s Reddit post (unverified) showed continued ownership. This follows a wild ride on Monday, with the stock jumping 70% intraday before the E-Trade ban talk.

Intel Unveils New AI Chips for Data Centers

Intel announced new Xeon 6 data center processors boasting improved performance and efficiency. This comes as rivals Nvidia and AMD recently launched their own AI chips. Intel also highlighted lower pricing for its Gaudi 2 and 3 AI accelerators compared to competitors. Separately, Intel revealed details on its upcoming Lunar Lake processors designed for AI-powered PCs, aiming to compete with similar offerings from Nvidia and AMD.

Bitcoin Miner Core Scientific Expands into AI

Bitcoin miner Core Scientific inked a 12-year deal with AI firm CoreWeave to provide power for AI training. This $3.5 billion deal reflects a growing trend: Bitcoin miners are diversifying into AI due to its high energy demands and potential for profit. AI demand surged after ChatGPT’s launch, and miners like Bit Digital and Hut 8 are already seeing success. Core Scientific aims to generate $290 million annually from its expanded AI services.

Oil Plunges on Supply Fears, Gold Awaits Jobs Data

Oil prices fell on Tuesday over supply rise concerns later in 2024, despite OPEC+ cuts. The cuts support prices now, but some members can ease them from October. Gold held steady after Monday’s gain as investors await US jobs data this week, which could impact the Federal Reserve’s monetary policy decisions.

This article was originally posted on FX Empire

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