U.S. stocks fall in early trading
The Dow slid about 50 points, or 0.2%. The S&P 500 pulled back 0.2% and the Nasdaq fell 0.4%.
— Fred Imbert
Oxford Metrics discusses its role in Abba Voyage and developments in VR
Nick Bolton, CEO of Oxford Metrics, the company behind the Abba Voyage holograms, discusses its earnings and the growth in augmented and virtual reality.
Euro zone consumers feel more positive about inflation, ECB survey shows
People living in the euro zone are feeling more upbeat about inflation, according to a survey conducted by the European Central Bank.
Findings show that consumer inflation projections have dropped significantly, with median expectations for inflation over the next 12-month period decreasing to 4.1% in April, from 5% in March.
The majority of respondents also anticipated lower growth in their house prices over the next year, along with declines in mortgage interest rates.
— Hannah Ward-Glenton
Fintech firm Nium plans U.S. IPO in 2 years, CEO says
Prajit Nanu, co-founder and CEO at Nium, says the company will be profitable in the next three to four quarters as it looks toward going public.
Klaas Knot: Inflation is stubborn but ECB policy is starting to work
Euro zone core inflation is proving sticky, but actions taken by the European Central Bank are starting to pay off, according to Klaas Knot, president of the Dutch central bank.
The ECB has hiked rates a total of 375 basis points in the past year in an attempt to tackle soaring inflation, and money markets are believed to have priced in another two 25-basis-point rate increases for the coming meetings, Reuters reported.
— Hannah Ward-Glenton
Germany manufacturing drops unexpectedly in April
Manufacturing orders in Germany fell by 0.4% in April, according to the Federal Statistical Office. Analysts polled by Reuters had forecast a 3% increase. New industrial orders were down 9.9% compared to the same month in 2022.
The manufacturing of machinery and equipment and miscellaneous vehicle construction were noticeable drags on the new order figure.
— Hannah Ward-Glenton
CNBC Pro: Here’s what to buy — and avoid — after the U.S. debt ceiling deal, according to analysts
There are opportunities for investors — but also potential minefields — when the debt ceiling is lifted, such as an influx of Treasurys, according to some analysts.
In a June 4 report, Citi said it expects a net increase of about $400 billion in U.S. Treasury bill issuance in the near term — the bulk of it in short-duration bills.
Here’s how analysts recommend trading the debt ceiling aftermath.
— Weizhen Tan
CNBC Pro: Ark Invest’s flagship fund sold Nvidia before its big rally. Here’s why
Tech giant Nvidia has been the darling of Wall Street this year due to a relentless rally in its stock driven by surging demand for artificial intelligence.
However, Ark Invest’s flagship Ark Innovation ETF exited Nvidia entirely in early January before the chipmaker enjoyed a powerful rally that propelled it to a $1 trillion market capitalization.
Frank Downing, a research director at Ark Invest, spoke to CNBC about the investment house’s decision to exit its Nvidia position from its flagship fund.
CNBC Pro subscribers can read more here.
— Ganesh Rao
European markets: Here are the opening calls
European markets are expected to open mixed Tuesday.
The U.K.’s FTSE 100 index is expected to open 8 points lower at 7,591, Germany’s DAX 15 points lower at 15,947, France’s CAC flat at 7,196 and Italy’s FTSE MIB 21 points higher at 26,848, according to data from IG.
Data releases include euro zone retail sales for April. There are no major earnings releases.
— Holly Ellyatt
