- Markets will have a shortened trading week with the June 11 holiday.
- “Inside Out 2” had a domestic debut of $155 million at the box office, good for the second-highest animation opening ever.
- Candy makers may have to get creative as the price of cocoa rises.
Here are the top five things investors need to know to start day trading:
1. All mixed
The major average ended last week mixed as the S&P 500 and Nasdaq Composite posted their seventh positive week in the last eight, rising 1.6% and 3.2%, respectively. The S&P and Nasdaq were boosted by a rally in tech stocks. Meanwhile, the Dow Jones Industrial Average closed for the third week of losses in the last four. Also on Friday, the University of Michigan Consumer Survey showed that consumer sentiment unexpectedly fell in June. This will be a shortened trading week as the markets close for the bank holiday on Wednesday the 18th. Follow live market updates.
2. To feel good
Disney and Pixar should feel some joy. The duo’s animated film Inside Out 2 debuted to an estimated $155 million domestically at the box office this weekend. That’s good for the second-highest theatrical opening for an animated film, just behind 2018’s The Incredibles 2. It’s also the first film to top $100 million in its debut since the blockbuster hit last summer “Barbie”. Additionally, “Inside Out 2” is expected to reach $295 million globally for the weekend. “This is definitely a big win for theaters,” said Paul Dergarabedian, senior media analyst at Comscore. “It’s an even bigger win for Pixar.”
3. Not so sweet
On a bitter note, the price of cocoa has been on the rise this year and has hit record highs. This is causing headaches for some confectioners who rely on chocolate. Some of the biggest players — including Hershey, maker of M&M Mars, Kinder owner Ferrero and Cadbury parent Mondelez — are likely to be safe for now, despite concerns about weaker-than-expected output because they sign long-term contracts. But companies are still looking for ways to increase their profits, including by experimenting with different flavors, reducing the amount of chocolate in a product and diversifying their portfolios. “It’s not going to stop us from using chocolate, but it’s going to make us think and say, ‘Now, if we do this innovation at that new price, can it sell?’ And then when we sell it, ‘Do is it at a low enough cost that the customer can sell it and still make a good margin?'” J&J Snack Foods CEO Daniel Fachner told CNBC in May.
4. Unstable
US criminal, civil and bankruptcy courts have spent years cleaning up the mess left by the collapse of Terraform Labs, which was behind one of the most popular US-linked stablecoins on the market. When the algorithm failed in May 2022, it cost investors $40 billion in market value overnight and led to the collapse of hedge fund Three Arrows Capital and crypto lenders Voyager Digital, BlockFi and Genesis. It also caused a crisis of confidence in the sector and accelerated the slide of cryptocurrencies. Last week, a judge signed off on a $4.5 billion settlement between co-founder and CEO Do Kwon and his bankrupt Terraform Laboratories and the US Securities and Exchange Commission. It is unclear how they will be able to pay the fine, but it is the latest example of bad actors in the crypto space.
5. The Kushner deal
After Jared Kushner left the White House, he began a new career in private equity. One of his early investments was in an Amazon aggregator called Unybrands. But the $75 million his firm Affinity Partners invested in early 2022 — which had not previously been publicly disclosed — came at the height of a frothy market. At the time, such aggregators planned to scoop up independent sellers on Amazon’s marketplace, but the tech bubble is bursting after a record wave of venture capital in 2021. Growth slowed at Unybrands, layoffs followed, and filings show the company now controlled by Affinity Partners.
– CNBC’s Lisa Kailai Han, Tanaya Macheel, Sarah Whitten, Amelia Lucas, MacKenzie Sigalos and Annie Palmer contributed to this report.
– Follow the broader market action like a pro CNBC Pro.
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