Stock Market Today: Live Updates

of iShares MSCI France ETF (EWQ) We are approaching the worst day of nearly a year.

The shares were down about 2.4% in morning trading, and if they stay that way through the close, it will be the ETF’s biggest one-day loss since July 6, 2023, when it fell about 2.5%.

Societe Generale, Aéroports de Paris, Effage and BNP Paribas led the fund’s declines, each down more than 5%.

The ETF is up more than 3% this year.

— Alex Harring and Gina Francola

Pressure is mounting for Apple to showcase the potential of its artificial intelligence capabilities at its Worldwide Developers Conference on Monday.

Read on to find out what Wall Street expects to see from the iPhone maker and how it could affect the stock price.

Samantha Sabin

Consumer inflation expectations were little changed in May, but remain well above levels policymakers would be comfortable with, according to a survey released Monday by the New York Fed.

The Central Bank District Consumer Expectations Survey showed inflation expectations one year from now fell 0.1 percentage point from April to 3.2 percent, while the outlook for three years from now remained unchanged at 2.8 percent and the outlook for five years from now rose 0.2 percentage point to 3 percent.

Both are above the Federal Reserve’s 2% target heading into its policy meeting that ends on Wednesday.

Jeff Cox

GameStop Despite Meme shares surging in premarket trading on Monday, the stock price was down 1% in choppy trading.

The company said it would sell an additional 75 million shares, but Wedbush is skeptical that the new cash raised from the stock sale will be a meaningful step in efforts to turn around the struggling business.

“It is unclear how GameStop will be able to add value by expanding into new businesses, especially now that the entire management team has been fired or chosen to leave,” Wedbush analyst Michael Pachter said in a note.

Pachter noted that GameStop’s previous strategy to imitate Amazon was a “total failure” after three former Amazon executives hired to further that strategy left the company, and plans to sell NFTs then fell apart after the company partnered with the now-defunct FTX, he added.

Analysts believe the boost GameStop got from meme stock guru Keith Gill may not last.

“Following today’s livestream by influencer Keith Gill (Roaring Kitty), we expect the stock to remain elevated until the company completes the ATM, but with no clear strategy we believe the stock will begin to decline again, closer to our new target price,” Pachter said.

Yun Lee

Nvidia may be on its way to eventually dominating the S&P 500, according to Evercore ISI.

In a Friday note, semiconductor analyst Mark Lipacis said the company’s shares could one day make up 10% to 15% of the index. At that volume, that would give the company more than double the influence of current leader Microsoft and past leaders Apple and Nokia. CNBC Pro subscribers can read more here.

Nvidia shares were flat on the first day of trading after the 1-for-10 stock split.

— John Meloy, Sean Conlon

Natural gas Prices are trading at more than $3 per 1,000 cubic feet, the highest since January.

Lower natural gas production in June combined with a hot summer are “chipping away” at the huge storage surplus, according to Bob Yauger, executive director of energy futures at Mizuho Securities.

Natural gas prices have recovered from dramatic declines earlier this year and are now expected to rise 22% in 2024 and 36% year-over-year.

But Yauger warned that natural gas is in overbought territory and said “we need to watch for a pullback over the next few days.”

Spencer Kimball

Let’s take a look at some of the companies that are garnering attention in pre-market trading.

• KKR, Crowdstrike, Godaddy — KKR shares rose more than 8%, while CrowdStrike and GoDaddy rose 6% and 3%, respectively. All three companies will join the S&P 500 on June 24 as part of the quarterly index rebalancing. S&P Dow Jones Indices announced on Friday that three stocks — Robert Half, Comerica and Illumina — would be dropped from the index. All of those stocks fell in premarket trading. Shares of Dell Technologies and Palantir Technologies fell 1% and 3%, respectively, on disappointment that the two stocks were not added to the index.
• Am — The chipmaker’s shares fell more than 2% after a downgrade by Morgan Stanley. Analyst Joseph Moore said Wall Street’s hopes for the benefits of artificial intelligence may be unattainable.
• DraftKings — Sports betting stock rose 1.8% after Morgan Stanley reiterated its overweight rating and said the stock again deserves a top pick designation. Morgan Stanley said the stock could rise despite concerns over Illinois’ legalization of sports betting taxes.

See the complete list here.

Brian Evans

Stronger-than-expected May jobs data eased investor concerns that the U.S. economy may be starting to slow.

According to Bank of America, even if inflation remains high for an extended period of time, strong macroeconomic fundamentals will ultimately be a positive for stocks.

“If the macro economy starts to improve, stocks should be able to withstand higher inflation. If the NFP is just a fiction and the macro economy slows, inflation would need to fall to support stocks, which is likely to happen,” the bank wrote.

— Lisa Kailai Han

GameStop The stock was up about 8% in premarket trading on Monday, poised to bounce back from Friday’s big sell-off.

The meme stock has had a rollercoaster week, initially surging higher after trader Keith Gill, the man behind 2021’s epic mania, shared a screenshot of his portfolio that included a large holding of the video game retailer’s shares.

But GameStop shares fell sharply on Friday as investors reacted to a big drop in first-quarter sales and the company’s earlier announcement that it would sell more stock.

Meanwhile, Gill, better known as “Roaring Kitty” on X and YouTube, hosted his first livestream in years on Friday. He made it clear that he had no backing from institutional investors and that his GameStop position, which he shared in a screenshot, was his only bet. Gill also reiterated his previous investment thesis and offered few new reasons behind his large investment.

Shares plunged nearly 40% on Friday but still posted a 22% gain over the past week.

JP Morgan gets upgraded Walmart He said the company’s shares could rise 23% to $81 over the next 18 months and that a softening consumer environment makes it a time to play defensively.

The company also explained the macroeconomic reasons behind the call.

JPMorgan cited “signs of softening discretionary spending, but our desire to add further defensiveness to the ratings given the highly uncertain second half of the year, which includes the presidential election cycle, a five-day holiday spurt with Christmas falling on a Wednesday, and an uncertain outlook for rate cuts” as one of the reasons for the upgrade.

Walmart shares rose 1% in premarket trading.

CNBC Pro subscribers can read more about the conference call here.

NVIDIA The stock fell 0.4% on Monday, the first day of the 10-for-1 stock split. The stock has soared this year, soaring more than 144%.

Fred Imbert

European stock markets fell on Monday on growing concerns about the growing influence of right-wing politicians in the region.

The broader Stoxx 600 index of European shares fell 0.8%. France’s CAC 40 index fell 2.2% after President Emmanuel Macron said early parliamentary elections would be held later this month following a crushing defeat in early European election results.

Germany’s DAX index fell nearly 1%.

Fred Imbert

Investors will be focusing on the Consumer Price Index for May, which is due to be released on Wednesday.

Economists surveyed by Dow Jones now expect a 3.4% increase from a year ago and a 0.1% increase from the previous month, up from 3.4% and 0.3% respectively in the previous survey.

Core CPI, which excludes volatile food and energy prices, is now expected to rise 3.5% year-on-year and 0.3% month-on-month, after previous increases of 3.6% and 0.3%, respectively.

Sarah Min

Stock futures opened little changed Sunday night.

Dow Jones Industrial Average futures rose 13 points. S&P 500 futures and Nasdaq 100 futures were flat.

Sarah Min