Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow, S&P 500 stand less than 1% from record closing highs
A trader at the New York Stock Exchange, June 4, 2021.
Source: NYSE
2. Jeff Bezos to fly on first Blue Origin passenger spaceflight in July
Jeff Bezos drives a Rivian R1T electric truck around Blue Origin’s launch facility in Texas.
Blue Origin
3. Elon Musk says Tesla officially canceled the Model S Plaid Plus
Musk, also co-founder and CEO of Tesla, tweeted Sunday that the electric auto maker has canceled the most expensive variant of its flagship sedan, the $150,000 Model S Plaid Plus.
Tesla had promised a Plaid Plus version of its new Model S would give drivers 1,100 horsepower, 520 miles of range on a fully charged battery, and zero to 60 mph in less than two seconds. The remaining high-end version of the Model S Plaid at $119,900 features a 390-mile range battery, with 1,020 horsepower, and similar acceleration.
4. AMC shares muted after skyrocketing in a wild trading week
Pedestrians pass in front of an AMC theater in New York.
Scott Mlyn | CNBC
Emily Blunt, Millicent Simmonds and Noah Jupe star in “A Quiet Place Part II.”
Paramount
The movie theater business, decimated by the Covid pandemic, showed more signs of getting back toward normal. “A Quiet Place Part II,” after a stellar opening weekend, fell 59% to $19.5 million. However, the Paramount sequel has so far made $88.6 million in the U.S. and Canada. “The Conjuring: The Devil Made Me Do It” from Warner Bros. topped the weekend box office, debuting with a $24 million haul.
5. G-7 reaches global tax reform deal; Yellen talks Biden agenda, rates
Britain’s Chancellor of the Exchequer Rishi Sunak (center), U.S. Treasury Secretary Janet Yellen (right) attend the first day of the G-7 Finance Ministers Meeting at Lancaster House in London on June 4, 2021.
Stefam Rousseau | AFP | Getty Images
The finance ministers of the most advanced economies, known as the Group of Seven, have backed a U.S. proposal that calls for corporations around the world to pay at least a 15% tax. Treasury Secretary Janet Yellen tweeted that a “global minimum tax would end the race-to-the-bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world.”
Yellen, former U.S. Federal Reserve chair, said in a Bloomberg interview that President Joe Biden’s $4 trillion spending agenda would be positive for the country, even if it leads to a rise in interest rates. “If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen said.
— The Associated Press 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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