5 things to know before the stock market opens on Thursday

News Update Pre-markets

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

1. Climbing

The Fed held off, an economic report was cooler than expected, and for the most part, markets rallied. Investors were upbeat after the Federal Reserve said it had made “modest further progress” toward its 2% inflation target, despite no change in interest rates. of S&P 500 rose 0.85% on Wednesday to close above 5,400 for the first time. of Nasdaq Composite gained 1.53% and also hit a record high. of Dow Jones Industrial Average was the outsider, slipping 0.09%. for the day. Follow live market updates

2. Two in one

Federal Reserve Bank Chairman Jerome Powell leaves a news conference announcing that interest rates will remain unchanged at the William McChesney Martin Federal Reserve Building on June 12, 2024 in Washington, DC.

Kevin Dietsch | Getty Images

It was a double day Wednesday for economic news. The Federal Reserve has signaled that it expects only one rate cut before the end of the year. That’s the least of three rate cuts the Federal Open Market Committee had indicated in March. The central bank also kept the base interest rate unchanged, in the range of 5.25% to 5.5%. Meanwhile, the consumer price index released early Wednesday showed no increase in May, although it rose 3.3% from a year earlier. Federal Reserve Chairman Jerome Powell noted at a news conference that the CPI report showed progress, but added: “We don’t see ourselves as having the confidence that would warrant the initiation of policy easing at this time.”

3. Wide separation

Omar Marques | Light Rocket | Getty Images

Broadcom beat revenue estimates for its fiscal second quarter and raised its sales forecast for the year on Wednesday. The chipmaker also announced a 10-for-1 stock split, set to begin trading on a split-adjusted basis on July 15. As a result, shares jumped 13% in premarket trading on Thursday. The company has benefited from the artificial intelligence boom, noting that $3.1 billion in sales during the quarter can be attributed to revenue from AI products.

4. Remember the Alamo Drafthouse?

The interior of an Alamo Drafthouse movie theater.

Alamo Drafthouse

Lights, cameras and screens. For the first time in more than 75 years, a major Hollywood studio will own a chain of movie theaters. Sony Pictures announced Wednesday that it has acquired the Alamo Drafthouse dinner theater chain. Studios were banned from owning movie theater chains from 1948 until 2020, and Sony is the first to invest in a theater company since the restriction was lifted. Alamo Drafthouse is the seventh largest movie theater chain in North America. It filed for Chapter 11 bankruptcy protection in 2021 after the pandemic and was bailed out by a private equity firm.

5. What is movement?

Keith Gill, aka Roaring Kitty, hosting a live stream on YouTube on June 7, 2024.

Source: Roaring Kitty | to YouTube

Has the game stopped? A sale in GameStop Shares rallied in afternoon trading on Wednesday. This coincided with an increase in trading volume for call options that meme stock leader Keith Gill known as “Roaring Kitty” and “Deep——-Value” has maintained on social media. It’s unclear whether Gill is behind it, but he last disclosed his position on Monday, and some speculated he might sell early. GameStop calls with exact strike price and expiration traded 93,266 contracts for the day. Many suspect that Gill, who has said he is not working with institutional backers, will not have the capital to exercise the options when they expire on June 21. Meanwhile, GameStop’s annual meeting is set for Thursday morning.

CNBC’s Lisa Kailai Han, Sarah Min, Jeff Cox, Darla Mercado, Kif Leswing, Sarah Whitten and Yun Li contributed to this report.

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