5 things to know before the stock market opens Tuesday


Here are the most important news, trends and analysis that investors need to start their trading day:

1. S&P 500 set to make a run at last month’s record highs

Traders on the floor of the New York Stock Exchange.

Source: NYSE

U.S. stock futures turned mostly positive Tuesday, with the S&P 500 set to make a run at last month’s record highs despite Monday’s small dip. The Dow Jones Industrial Average, which also fell Monday, was still less than 1% away from its May record close. The Nasdaq started the week with a modest gain, putting the tech-heavy index less than 2% from its late April record close.

Meme stocks continued their rally in Tuesday’s premarket led by AMC Entertainment‘s 5% advance. Shares of the movie theater chain jumped nearly 15% on Monday after gaining over 80% last week. The SEC said on Monday it’s watching volatility in the market and vowed to protect retail investors.

Shares of Tesla, down 10% in the past month, rebounded 3% in Tuesday’s premarket after the electric automaker said it delivered 33,463 China-made vehicles in that market in May. That’s up 29% from April when production was impacted by a maintenance shutdown.

2. News sites including New York Times restored after outage

An outage that brought down many websites Tuesday morning was mostly fixed and the leg down in U.S. stock futures evaporated. Reddit and global news websites including the Financial Times, The New York Times and Bloomberg were down, with some users unable to access those sites early Tuesday. Most of them were back online after a problem with Fastly’s content delivery network. Just before 7 a.m. ET, Fastly said on its website that “the issue has been identified and a fix has been applied.” Shares of Fastly dropped about 2% in premarket trading.

3. Bitcoin slides 7% after U.S. seizes most of Colonial Pipeline ransom

A Bitcoin logo seen displayed on a smartphone with stock market percentages in the background in this illustration taken April 26, 2021.

Omar Marques | SOPA Images | LightRocket | Getty Images

Bitcoin fell more than 7% to under $33,000 on Tuesday. While the reason for the move was unclear, it may be related to concerns over crypto security after U.S. officials managed to recover most of a ransom paid to hackers that targeted Colonial Pipeline. Court documents said investigators were able to access the password for one of the hackers’ bitcoin wallets.

Storage tanks at a Colonial Pipeline Inc. facility in Avenel, New Jersey, on Wednesday, May 12, 2021.

Mark Kauzlarich | Bloomberg | Getty Images

Colonial Pipeline CEO Joseph Blount is set to testify Tuesday before the Senate Homeland Security Committee. He’s expected to face questions about the company’s response to the cyberattack and his decision to authorize the $4.4 million ransomware payment.

4. White House to unveil plans to strengthen critical supply chains

President Joe Biden speaks about the May jobs report on June 4, 2021, at the Rehoboth Beach, Delaware, Convention Center.

Jim Watson | AFP | Getty Images

The Biden administration is set to announce a series of steps designed to strengthen critical U.S. supply chains Tuesday, building up domestic manufacturing capabilities for key products and addressing existing vulnerabilities. The report’s initial recommendations focus on four products critical to the U.S. economy: large capacity lithium batteries, rare earth minerals, semiconductors and active pharmaceutical ingredients.

5. Apple showcases privacy in software updates at developers’ conference

Apple unveiled new versions of its operating systems Monday, which showed the company’s focus on privacy has taken a new turn. It’s not just a corporate ideal or a marketing point anymore. It’s now a major initiative across Apple distinguishing its products from Android and Windows competition. In addition to privacy, Monday’s announcements at Apple’s Worldwide Developers Conference included FaceTime support on Windows and Android and an iMessage redesign that turns messaged photos into galleries.

— Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC’s coronavirus coverage.



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