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    5 things to know before the stock market opens Tuesday, June 4


    News Update – Pre-Markets

    Here are five key things investors need to know to start the trading day:

    1. Ups, downs, and technical glitches

    The Dow Jones Industrial Average fell Monday to start the month as weak U.S. manufacturing data raised concerns about the strength of the economy. Stocks dependent on economic growth, including bank and industrial shares, led the pullback. The Dow slipped 115.29 points, or 0.30%. The S&P 500, meanwhile, eked out a small gain, adding 0.11%, while the Nasdaq Composite rose 0.56%. The trading day had its share of excitement, as a technical issue at the New York Stock Exchange affected price quotes for several stocks for much of the morning, including incorrectly showing Berkshire Hathaway shares down nearly 100%. That issue was resolved around midday. Follow live market updates.

    2. The final mountdown

    The long-awaited Paramount deal might be reaching its climax. Paramount and film and TV studio Skydance have agreed to terms of a merger, CNBC’s David Faber reported Monday. The deal, which is valued at $8 billion, could be announced in the coming days, though it’s not expected to happen before Paramount’s annual shareholder meeting on Tuesday. Controlling Paramount shareholder Shari Redstone has yet to sign off on the proposal, but the buying consortium — David Ellison’s Skydance, backed by private equity firms RedBird Capital and KKR — has agreed to the terms. As part of the negotiations, the deal will not require a vote from the shareholders, Faber reported.

    3. Google layoffs

    A person walks next to the Google Cloud logo at the Mobile World Congress (MWC) in Barcelona, Spain February 27, 2023.

    Nacho Doce | Reuters

    Alphabet has conducted layoffs on several teams in Google’s fast-growing cloud unit, including in sales and engineering. At least 100 positions were cut, sources said. Google has implemented ongoing layoffs since early 2023, leading employees to complain about tighter deadlines, fewer resources and less opportunity for advancement. Google Cloud, which houses much of the company’s AI technology, saw its operating income more than quadruple in the most recent quarter.

    4. Holding on for dear life?

    Keith Gill, known on Reddit under the pseudonym DeepF——-Value and as Roaring Kitty, is seen on a fragment of a youtube video displayed on a smartphone screen in front of GameStop logo.

    Pavlo Gonchar | Lightrocket | Getty Images

    Meme stock leader Keith Gill — who goes by the handles “Roaring Kitty” on YouTube and X and “DeepF——Value” on Reddit — appeared to hold on to his GameStop position even after the stock had a big rally Monday. Gill shared another screenshot after the stock market closed that showed the same common stock and call option holdings he posted Sunday; CNBC could not verify the post. That comes after GameStop soared as much as 70% intraday before closing 21% higher. The stock took a leg lower after the Wall Street Journal reported Monday that E-Trade, the Morgan Stanley-owned brokerage Gill uses, is holding internal talks about whether to ban him from the platform over concerns about potential market manipulation.

    5. Spotify pay list

    A screen displays the logo and trading information for Spotify on the floor at the New York Stock Exchange on Feb. 6, 2024.

    Brendan McDermid | Reuters

    Spotify is raising the price of its premium subscription for the second time in a year. The Swedish music-streaming company said the price hikes will help it “continue to invest in and innovate on our product features.” For users in the U.S., an “Individual” plan will cost $11.99 per month, up $1 from the current price. A “Duo” plan will cost $16.99, up from $14.99, and a “Family” plan will cost $19.99, an increase of roughly $3 per month. The “Student” plan will stay the same at $5.99.

    — CNBC’s Brian Evans, Lillian Rizzo, Alex Sherman, Jennifer Elias, Yun Li, Jesse Pound and Ashley Capoot contributed to this report.

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    https://image.cnbcfm.com/api/v1/image/107200349-16775183662023-02-27t170818z_1823284669_rc2rjz9gd7u8_rtrmadp_0_tech-conference-mwc.jpeg?v=1694118649&w=1920&h=1080



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