‘Roaring Kitty’ gets chewed up

[Pelican Press 0]

‘Roaring Kitty’ gets chewed up

Traders work on the floor of the New York Stock exchange during morning trading on Nov. 10, 2023 in New York City.

Michael M. Santiago | Getty Images

What you need to know today

This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

AI momentum

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, propelled by continued strength in megacap stocks. The

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 edged up 0.13, while the 

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 gained 0.23%. The tech-heavy 

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 advanced 0.8%, led by 

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‘s 2.19% rise and

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‘s 0.6% gain. Meanwhile, the yield on the 10-year

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 ahead of key labor market data this week. 

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 2.3% ahead of the Fourth of July holiday.

Streaming deal?

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 is 

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 with another existing platform, according to people familiar with the matter. The company is in discussions with several media and tech firms, including 

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. A merger could help the combined entity better compete with

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 and 

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‘s streaming platforms. The move signals a new wave of consolidation in the streaming industry as companies seek stronger footing in the highly competitive market.

Chewy stakeKeith Gill, known as “Roaring Kitty,” has taken a

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in

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, purchasing over 9 million shares valued at over $245 million, according to a Securities and Exchange Commission filing. Gill, a prominent meme stock trader, is now the third-largest shareholder of the **** food e-commerce company. Chewy’s stock surged over 9% on Monday but reversed course to close 6.6% lower, with Wall Street analysts warning that 

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 for the **** retailer. 

Boeing, Spirit up Shares of

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and

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rose 2.58% and 3.35% respectively after Boeing agreed to

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fuselage maker Spirit in a $4.7 billion all-stock deal. The deal gives Boeing more control over production as it faces regulatory scrutiny over safety concerns. Separately, Airbus will acquire Spirit’s manufacturing facilities dedicated to Airbus planes for $1. Spirit will pay $559 million in compensation to Airbus. The plants in Belfast, Wichita and North Carolina, produce wings, fuselage and other components for the A220 and A350.

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shares rose 2.6% in Paris. 

Hurricane Beryl

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as

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, raising concerns about the upcoming hurricane season and potential disruptions to travel.

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and

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dropped more than 5%, while

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fell almost 2%. The storm’s strength and early arrival have heightened investor fears about weather-related cancellations, impacting share prices.

[PRO] $150,000 bitcoinFundstrat’s Tom Lee is sticking with his $150,000

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price prediction, despite the recent stagnation in the price. Bitcoin’s current weakness is due to Mt. Gox’s upcoming

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, Lee told CNBC.

The bottom line

Markets don’t like surprises. As France’s far-right National Rally and its allies won more than a third of the vote in snap elections, the left-wing New Popular Front alliance and President Emmanuel Macron’s Together centrists began horse-trading to

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. The

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on the prospect of a hung parliament.

La Banque Postale Asset Management’s Sebastian Paris Horvitz said the results were the “least bad” option for markets.

It’s a sentiment that translates across the Atlantic, where President Joe Biden’s debate performance has raised

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around the Democratic nominee. Stephanie Link, CIO at Hightower, told CNBC that it’s more than the presidency, 

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.

“If it’s a split Congress, that’s what the market likes because nothing gets done,” Link said. “That’s what the markets want. They don’t want any surprises.”

A prime example of

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, whose brief 44-day tenure as Britain’s prime minister ended after markets reacted negatively to her proposed debt-funded tax cuts.

Despite the political uncertainty, many investors would like to see the markets build on Nasdaq’s 18% and S&P 500’s 14.5% gain in the first half. Historical trends suggest a positive

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for the coming month. 

The stock market has a

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, with the Dow, S&P 500, and Nasdaq Composite indexes showing consistent gains in the month over recent years. The last time any of these major indexes experienced losses in July was back in 2014. Furthermore, July has occasionally brought significant gains, such as in 2022 when the S&P 500 and Nasdaq jumped over 9% and 12%, respectively.

“

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is ultimately where we are going to head,” Dan Ives, director of equity research at Wedbush Securities, told CNBC. “Tech stocks up another 15% because even though this has been led by godfather of AI Jensen [Huang] at Nvidia … The multiplier of every dollar spent on Nvidia chips, $8 to $10 is flowing through the rest of tech … In my opinion, it’s 9 am in the AI party that goes to 4 am, and I think this tech bull market continues.”

 — CNBC’s Brian Evans, Samantha Subin, Yun Li, Fred Imbert, Alex Harring, Jenni Reid, Sophie Kiderlin, Tanaya Macheel, Spencer Kimball, Leslie Josephs and Alex Sherman contributed to this report.

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Streaming services,Bitcoin,Spirit Aerosystems Holdings Inc,Meme stocks,Chewy Inc,

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Inc,Walt Disney Co,Paramount Global,Warner Bros Discovery Inc,U.S. 10 Year Treasury,Fourth of July,Artificial intelligence,Dow Jones Industrial Average,Boeing Co,Nasdaq Inc,S&P Rating Services,business news
#Roaring #Kitty #chewed

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