Here are five key things investors need to know to start the trading day:
1. Barely changed
The S&P 500 pulled back slightly Thursday, ending the session down only 0.02% at 5,352.96 after reaching an all-time intraday high during the trading day. The Nasdaq Composite also fell slightly by 0.09% to 17,173.12, while the Dow Jones Industrial Average rose 0.20% to close at 38,886.17. The lack of movement among the major indexes came as investors eagerly await Friday’s nonfarm payrolls report for May to assess the shape of the labor market. Follow live market updates.
2. Jobs data on deck
All eyes on jobs. The nonfarm payrolls report for May, set to be released Friday, could lead the Fed to cut rates sooner if it comes in weaker than expected. Economists surveyed by Dow Jones expect the Bureau of Labor Statistics to report 190,000 job gains for the month – an increase from the 175,000 jobs added in April. Average hourly earnings are also expected to rise 0.3%, which is an increase of 3.9% from a year ago.
3. Can’t (Game)Stop
GameStop spiked more than 40% Thursday, hitting session highs after meme stock leader “Roaring Kitty” scheduled a YouTube livestream – the first in nearly four years. The investor, Keith Gill, set the stream for noon on Friday, with traders assuming it would be a bullish discussion about his position in the stock. Ahead of the scheduled stream, GameStop unexpectedly reported a 29% decline in sales and a $32 million loss for the first quarter before the bell on Friday. The video game retailer initially planned to release the results later this month.
4. Walmart’s hometown glory?
Bentonville is booming. The town in Arkansas which also happens to be Walmart’s hometown is growing rapidly, having more cranes per capita than any other city in the country, according to Cushman & Wakefield/Sage Partners. And this kind of growth has led the town to possess many amenities that people expect in bigger cities. The prices and dishes of the town’s restaurant and bar scene, for example, are comparable to places like Miami. As other costs like rent and real estate costs grow higher, Bentonville’s expansion has ultimately led to concerns among longtime residents about affordability and displacement.
5. Rivian redesign
Rivian is getting an Nvidia makeover. The automaker said on Thursday that it redesigned its all-electric R1 pickup and SUV models with Nvidia chips to enhance their computing power. According to Rivian, such computing power increases the vehicles’ performance 10 times more than the previous system. With the new system, dual Nvidia DRIVE Orin processors help power the “Autonomy Compute Module,” which includes driver-assistant features. A “premium version” of this system will also offer broader capabilities like hands-free driving “for periods of time.” Even still, drivers will always have to pay attention to the road, Rivian said.
— CNBC’s Brian Evans, Samantha Subin, Jeff Cox, Yun Li, Fred Imbert, Melissa Repko and Michael Wayland contributed to this report.
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