NATIONAL NEWS

Stock market today: Wall Street mostly quiet following a record-breaking session

Jun 5, 2024, 11:50 PM | Updated: Jun 6, 2024, 5:46 am

Wall Street was subdued before the bell Thursday, one day after markets were again pushed to records by the fever around artificial intelligence technology.

Futures for the Dow Jones Industrial Average were down 0.1% in premarket trading, while futures for the S&P 500 future were unchanged.

Lululemon Athletica jumped more than 9% ahead of the opening bell after the yoga and athletic wear maker beat Wall Street’s sales and profit targets in a stronger-than-expected first quarter.

Vista Outdoors jumped more than 8% after MNC Capital Partners announced that it boosted its all-cash bid for the outdoor sports and recreation company to $39.50 per share, or over $3 billion. Its previous offer was $37.50 per share.

New York software company Sprinklr tumbled more than 22% after it beat Wall Street’s first-quarter sales and profit forecasts but issued full-year revenue guidance that disappointed investors.

The biggest potential market-moving news comes Friday when the U.S. government releases the May jobs report. The labor market has held up better than expected in the midst of higher interest rates imposed by the Federal Reserve in its effort to bring down inflation. However some softness has been evident in recent data, including a report this week that job openings in April fell to their lowest level since 2022.

The Fed keeps a close watch on the labor market and wages when it considers whether to cut, raise or leave its benchmark borrowing rate alone. The Fed meets next week and most analysts expect the U.S. central bank to leave rates alone for the seventh straight time.

In Europe at midday, market gave back some of their early gain after the European Central Bank cut its key interest rate. France’s CAC 40 rose 0.2% and Britain’s FTSE 100 and Germany’s DAX each climbed 0.4%.

In Asian trading, Tokyo’s Nikkei 225 index climbed 0.6% to 38,703.51. The Hang Seng in Hong Kong was 0.3% higher to 18,480.61 and the Shanghai Composite index dropped 0.5% at 3,048.79.

Australia’s S&P/ASX 200 gained 0.7% to 7,821.80 after data from the Australian Bureau of Statistics showed the country’s trading surplus rebounded in April, with exports falling 2.5% and imports dropping 7.2%.

Taiwan’s Taiex surged 1.9%, with contract electronics maker Foxconn’s shares losing 1.2% despite the company reporting its revenue rose 22% year-on-year in May, a record high for the month.

In India, the Sensex added 0.7% after Wednesday Prime Minister Narendra Modi’s coalition won a majority in parliament in the country’s national elections. In Bangkok, the SET lost 0.6%.

South Korea’s markets were closed for a holiday.

In other markets, U.S. benchmark crude oil gained 70 cents to $74.77 per barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, the international standard, was up 65 cents to $79.06 per barrel.

The U.S. dollar rose to 156.19 Japanese yen from 156.10 yen. The euro inched down to $1.0867 from $1.0868.

On Wednesday, the S&P 500 climbed 1.2% to 5,354.03. The Nasdaq composite jumped 2% to 17,187.90 and likewise set a record. The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market with a gain of 0.2% to 38,807.33.

The rally pushed the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time.

Nvidia is leading the way because its chips are powering much of the rush into AI. After rising 5.2% on Wednesday, the stock was up 1.7% before markets opened on Thursday. Its gain for the year is approaching 150%.

National News

Associated Press

Philadelphia police officer shot by fleeing suspect is in critical condition

A Philadelphia police officer was shot in the neck and was in critical condition Saturday night, officials said. The 31-year-old officer was in critical condition and undergoing surgery at Temple University Hospital, Police Commissioner Kevin Bethel said during a news conference outside the hospital. The officer, a veteran of more than six years on the […]

59 minutes ago

Associated Press

A fourth victim has died a day after a shooting at an Arkansas grocery store, police say

LITTLE ROCK, Ark. (AP) — Police say a fourth victim has died a day after a shooting at an Arkansas grocery store. The person died Saturday evening, Arkansas state police said in a statement. A total of 14 people were wounded in Friday’s shooting, according to police: “11 civilians, two law enforcement officers and the […]

2 hours ago

Associated Press

2 people were taken to a hospital after lightning struck a tree near a PGA Tour event in Connecticut

CROMWELL, Conn. (AP) — Two people were taken to the hospital Saturday after lightning struck a tree near a home along a golf course that is hosting the PGA Tour’s Travelers Championship. The home is just north of the fifth green at TPC River Highlands, which is hosting the tournament one week after the U.S. […]

4 hours ago

Associated Press

Rains, cooler weather help firefighters gain ground on large wildfires in southern New Mexico

RUIDOSO, N.M. (AP) — Recent rains and cooler weather are helping more than 1,000 firefighters gain ground on two wildfires in southern New Mexico on Saturday that have killed two people, destroyed hundreds of homes and forced thousands to flee. Fire crews took advantage of temperatures in the 70s, scattered showers and light winds to […]

9 hours ago

Associated Press

One dead, seven injured after shooting at Kentucky nightclub

LOUISVILLE, Ky. (AP) — One person is dead and seven others were injured after a shooting at a Kentucky nightclub early Saturday morning, authorities say. Louisville Metro Police Department officials said they responded to a call of several people shot at the H20 nightclub in Louisville just before 1 a.m. One man, 40-year-old Joseph D. […]

10 hours ago

Associated Press

Man trying to drown 2 children on Connecticut beach is stopped by officers, police say

WEST HAVEN, Conn. (AP) — A man trying to drown two small children at a Connecticut beach early Saturday morning was thwarted by police officers, according to authorities. An officer spotted an SUV parked on a beach in West Haven at about 2:30 a.m. and heard “significant screaming” from the water as he approached. As […]

10 hours ago

Stock market today: Wall Street mostly quiet following a record-breaking session