Five things to know before the stock market opens on June 18

Here are five important things investors should know before starting the trading day.

This is a new record for the S&P 500. Gains in large tech stocks boosted the Composite Index during Monday’s trading session, which closed at a record high of 5,473.23, up 0.77%. Gains in large stocks also boosted the Information Technology sector by 1.2%, with Apple, Microsoft, Alphabet, Amazon and Meta Platforms all closing higher. The Nasdaq Composite Index also rose 0.95% to close at 17,857.02. This performance comes after both indexes recorded their seventh consecutive weekly gain in eight weeks. The Dow Jones Industrial Average closed slightly behind the two indexes, up 0.49% for the session, snapping a four-day losing streak. Follow our live market updates.

Nvidia is on the rise. The index tracked by the Technology Select Sector SPDR Fund (XLK) is set to rebalance, with the new calculation raising Nvidia’s weighting to 21%. As of June 14, the stock’s weighting was just 6%. Overall, the new calculation will see Microsoft top the index at about 21%, followed by Nvidia, according to Matthew Bartolini, head of SPDR Americas Research. Meanwhile, Apple’s weighting after the rebalancing is estimated at 4.5%, significantly lower than its 22% as of June 14.

Apple Pay Later is being discontinued. Apple, which launched its buy now, pay later program last year, announced on Monday that it has stopped offering loans through the program in the United States, which allowed customers to pay for online purchases up to $1,000 in four interest-free installments. The company announced last week that later this year it would allow installment loans in the Apple Pay checkout process through third-party companies such as Affirm, and credit and debit cards from issuers such as Citigroup. The company added that users with outstanding loans can rest assured that they can continue to use the Apple Pay Later feature to pay off their loans.

GameStop’s future remains unclear at this point. Shares hit a session low during Monday’s trading session after the video game retailer’s annual meeting ended without any updates on its strategy or future plans. The meeting lasted about 30 minutes, during which no shareholders were allowed to ask questions. In his opening remarks, the retailer’s CEO Ryan Cohen reiterated the company’s plans to focus on cutting costs and increasing profits, but did not offer any details about its future growth strategy. The company’s shares fell 17% during the session, trading at $23.79.

No more artificial intelligence on the menu. McDonald’s is officially ending its experiment with AI drive-thru technology in partnership with IBM that began in 2021 at more than 100 restaurants. The automated order-taking technology will be shut down by July 26, according to a memo sent to franchisees last weekend and obtained by CNBC. Two sources familiar with the AI ​​technology told CNBC there were challenges interpreting different accents and dialects, which they said affected the accuracy of orders. The move comes as restaurants such as Del Taco and Panera have already begun testing ways to use AI to streamline their operations.

— CNBC’s Samantha Subin, Tanaya Maciel, Jesse Pound, Kif Leswing, Yun Lee, Gabrielle Fonrouge and Kate Rogers contributed to this report.

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