Sign up for CNN Business’ nightly newsletter for the top stories you need to know. The inclusion of a company in the Dow Jones Industrial Average does not depend 7 tips for beginner traders on defined criteria. Instead, an independent Wall Street Journal commission decides whether a share is to be included or excluded. There are no fixed times for reviewing the composition of the index, since changes are only made by the commission as and when they are needed.
Tesla Stock Back to Where it Was Before Trump-Musk Feud
The shares rose amid the circulation of a few headlines—and as Citi analysts increased their price target for its shares in a morning research note. Citi brought its target from $84 to $95–roughly in line with where shares were trading by Wednesday afternoon. Agreed to a trade deal framework, giving Wall Street confidence that tariff rates would eventually settle below the levels announced in April. Oil’s rebound picked up pace in early June when OPEC lifted its production targets by less than investors expected. Oil producer Devon Energy (DVN) rose 3%, while Exxon Mobil (XOM), APA Corp. (APA) and Occidental Petroleum (OXY) were each up about 2%, as was oilfield services company Halliburton (HAL).
Samsung’s brutal profit plunge shows how far the company has slipped in the chip war
On Tuesday evening, Musk responded to a user asking questions about the launch of Tesla’s robotaxi program, saying it will launch “tentatively, June 22.” Importantly, the move higher occurred on the highest daily volume since early April, indicating buying conviction from larger market participants. Moreover, the rally thrust the relative strength index back above its neutral threshold to signal accelerating price momentum. But it nevertheless appears that investors are moving beyond last week’s headlines and—as Shakespeare’s Prospero might have said—these latest revels are now ended. Advanced Micro Devices (AMD) CEO Lisa Su is set to take the stage tomorrow for a keynote presentation on the chipmaker’s latest developments in artificial intelligence.
Business Briefing
“Still, there is most likely a lot more tariff-driven inflation in the pipeline.” “Used construction inventories are declining year-over-year for the first time since December 2022, while the new equipment destock is more than halfway complete,” analyst Jerry Revich said. “Meanwhile, margin expectations now embed tariff headwinds and valuations appear reasonable on mid-cycle earnings.”
President Donald Trump’s tariff policies, as his 90-day tariff reprieve is set to expire next week.
Software company Oracle (ORCL) is scheduled to report fiscal fourth-quarter earnings after the closing bell on Wednesday, and traders see potential for the stock to hit a record high on the results.
Department of Government Efficiency look at subsidies for Tesla CEO Elon Musk’s companies for potential cost-cutting measures.
Tesla (TSLA) shares are rising in premarket trading Wednesday after three straight sessions of gains following new social media posts from CEO Elon Musk.
Intel (INTC) shares tumbled Wednesday after surging the previous session as chip stocks rallied amid hopes that curbs on exports to China could be eased. Oracle stock has climbed steadily in recent weeks as investors have embraced the AI trade amid waning economic uncertainty. Shares are up about 45% since hitting a year-to-date low in mid-April, and about 7% since the start of the year. Deepwater Asset Management called the Musk-Trump friction an “overreaction” in a Saturday note. “Long term, the White House will likely support autonomy given its central role in global AI leadership,” the firm’s note read.
Efficiency—and serving customers within four minutes—is the centerpiece of a turnaround campaign Starbucks launched to lure back customers amid sluggish traffic. The company also hopes to lift sales by making cafes a more welcoming place to spend time and money. Indeed, the digital asset staged a decisive breakout above the pattern earlier this week, laying the groundwork for a new move higher.
CNBC Newsletters
IBM (IBM) shares, which hit an all-time high Tuesday after it showcased a “viable path” to building the world’s first large-scale, “fault-tolerant” quantum computer by the end of the decade, are little changed in premarket trading. Intel shares have remained rangebound since gapping sharply lower last August. More recently, the stock found buying interest around the lower levels of the trading range, with the price closing above both the 50- and 200-day moving averages on Tuesday.
Oklo shares gained 30% in regular trading, pushing the stock’s year-to-date gain to 220%. Shares were down about 5% in extended trading hours after the company announced a public offering of $400 million in stock. The news follows a recent rally for Oklo and other nuclear energy stocks, sparked by President Donald Trump signing executive orders last month aimed at boosting the industry. Oklo CEO Jacob DeWitte was in the Oval Office when the orders were signed, and the company released a statement supporting the directives. Oil prices rose as a U.S.-China trade deal and soft inflation report boosted demand expectations while concerns about political instability in the Middle East sparked fears of supply disruptions.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 5.1% to $68.30 per barrel, trading at their highest level since early April. “For the last two months of the quarter, it was really risk on. It was about buying stocks that had these really strong secular growth drivers like AI and technology,” said Anthony Saglimbene, Ameriprise chief market strategist. Discovery (WBD), which earlier this week announced plans to split its streaming and studios businesses from its cable TV operations, advanced 5% to pace S&P 500 gainers, while Starbucks (SBUX) shares rose more than 4%. General Motors (GM) gained about 2% after the automaker announced plans to invest $4 billion over the next two years to expand production at three U.S. plants, as Trump calls for companies to boost their domestic manufacturing. Data analytics software provider and AI investor favorite Palantir (PLTR) climbed nearly 3%.
Put another way, investors appear to have moved on, even if the degree to which Musk and Trump have—the former earlier today posted that he “went too far” in some of his comments regarding the president, though he didn’t say which ones—remains an open question. Shares of Chewy (CHWY) fell sharply Wednesday as the online pet retailer’s first-quarter profit came in below analysts’ expectations. Bitcoin (BTCUSD) has rallied over the past week to approach the record high it set last month, tracking the strong performance of U.S. equities and encouraging signals about the U.S. economy. But Treasury Secretary Scott Bessent told Congress it’s “highly likely” that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9.
Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts. Oracle shares are expected to move about 7.2% in either direction by the end of the week, according to options pricing data. That would put shares at about $190, their highest price this year and just 1% shy of a record, or about $164, which would erase the stock’s gains so far this month. Software company Oracle (ORCL) is scheduled to report fiscal fourth-quarter earnings after the closing bell on Wednesday, and traders see potential for the stock to hit a record high on the results. Other factors are helping support stocks—including high-profile tech shares—lately.
“The Fed might still cut rates this year if there is compelling evidence of labor market deterioration. But the lack of progress on inflation raises the bar for cuts.”
The coffee chain’s shares were recently up more than 4% to above $95, within range of the roughly $100 they last closed above in March before sinking below $80.
Sheeckutz noted that DraftKings could be impacted by the impact of New Jersey’s and Louisiana’s plans to raise taxes on online sports betting, as well as the new delayed date for Missouri’s legal sports betting launch.
The stock is set to trade on the New York Stock Exchange under the ticker “FIG,” according to the filing.
While Zachary Hill, head of portfolio management at Horizon Investments, doesn’t believe the market expects “very much,” volatility could still be on the horizon.
The price of bitcoin dropped to $108,900 recently, as U.S. stocks backed off their earlier highs as well. Tesla (TSLA) remained in the spotlight Wednesday as shares of the EV maker rose 0.1%, after posting three consecutive days of big gains. The stock has rallied following a massive sell-off sparked by a very public dispute last week between CEO Elon Musk and President Trump. Musk said in an X post early this morning that he regrets some of the posts he made last week about the president, while separately confirming that the company’s highly anticipated Robotaxi launch has been set for June 22. The S&P 500 and Nasdaq Composite declined 0.3% and 0.5%, respectively, while the Dow Jones Industrial Average fell fractionally, as each of the indexes gave up earlier gains. Even with today’s decline, the S&P 500 remains less than 2% away from a new record high.
“Occam’s razor suggests that inflation is already stuck above target, with risks to the upside from tariffs over the next several months,” wrote economist Aditya Bhave in a Tuesday note. “The Fed might still cut rates this year if there is compelling evidence of labor market deterioration. But the lack of progress on inflation raises the bar for cuts.” Asia-Pacific markets traded mixed Tuesday as investors assessed the record gains on Wall Street and the global impact of U.S. President Donald Trump’s tariff policies, as his 90-day tariff reprieve is set to expire next week.
The pan-European Stoxx 600 was last seen trading around 0.1% higher, but the index has been wavering between that gain and the flatline since the session began. Trump said in a Truth Social post that the Department of Government Efficiency could review funding for rocket launches, satellites and electric car production. “There is less visibility to the developent story than same store sales, but it would be more impactful to the long-term story if our concerns do transpire,” Charles told clients in a research note. Tandem and Beta shares were tumbling 8% and 5%, respectively, while Dexcom shares shed nearly 2%. Additionally, Bhave anticipates there could be much more impact to the U.S. economy from tariffs ahead. “Investors have definitely increased positioning over the last couple of weeks, so I do think that’s a potential vulnerability,” he told CNBC.
New data out Tuesday showed a smaller-than-expected contraction in the manufacturing sector. Canaccord Genuity analyst William Plovanic said he expects Tandem Diabetes Care would be the most hurt by the change, given that about 39% of its estimated 2025 revenue comes from pump sales. The analyst also expects some impact on the businesses of Beta Bionics and Medtronic, and for it to be “neutral to positive” for both Dexcom and Abbott. Due to its current payment structure, Insulet shouldn’t be impacted, he said. The Centers for Medicare and Medicaid Services is proposing a rule change that could change the classification for continuous glucose monitors and insulin infusion pumps. If adopted, the rule would change reimbursement rates and allow patients access to newer technology more quickly.
Dow Jones Industrial Average
Sign up for CNN Business’ nightly newsletter for the top stories you need to know. The inclusion of a company in the Dow Jones Industrial Average does not depend 7 tips for beginner traders on defined criteria. Instead, an independent Wall Street Journal commission decides whether a share is to be included or excluded. There are no fixed times for reviewing the composition of the index, since changes are only made by the commission as and when they are needed.
Tesla Stock Back to Where it Was Before Trump-Musk Feud
The shares rose amid the circulation of a few headlines—and as Citi analysts increased their price target for its shares in a morning research note. Citi brought its target from $84 to $95–roughly in line with where shares were trading by Wednesday afternoon. Agreed to a trade deal framework, giving Wall Street confidence that tariff rates would eventually settle below the levels announced in April. Oil’s rebound picked up pace in early June when OPEC lifted its production targets by less than investors expected. Oil producer Devon Energy (DVN) rose 3%, while Exxon Mobil (XOM), APA Corp. (APA) and Occidental Petroleum (OXY) were each up about 2%, as was oilfield services company Halliburton (HAL).
Samsung’s brutal profit plunge shows how far the company has slipped in the chip war
On Tuesday evening, Musk responded to a user asking questions about the launch of Tesla’s robotaxi program, saying it will launch “tentatively, June 22.” Importantly, the move higher occurred on the highest daily volume since early April, indicating buying conviction from larger market participants. Moreover, the rally thrust the relative strength index back above its neutral threshold to signal accelerating price momentum. But it nevertheless appears that investors are moving beyond last week’s headlines and—as Shakespeare’s Prospero might have said—these latest revels are now ended. Advanced Micro Devices (AMD) CEO Lisa Su is set to take the stage tomorrow for a keynote presentation on the chipmaker’s latest developments in artificial intelligence.
Business Briefing
“Still, there is most likely a lot more tariff-driven inflation in the pipeline.” “Used construction inventories are declining year-over-year for the first time since December 2022, while the new equipment destock is more than halfway complete,” analyst Jerry Revich said. “Meanwhile, margin expectations now embed tariff headwinds and valuations appear reasonable on mid-cycle earnings.”
Intel (INTC) shares tumbled Wednesday after surging the previous session as chip stocks rallied amid hopes that curbs on exports to China could be eased. Oracle stock has climbed steadily in recent weeks as investors have embraced the AI trade amid waning economic uncertainty. Shares are up about 45% since hitting a year-to-date low in mid-April, and about 7% since the start of the year. Deepwater Asset Management called the Musk-Trump friction an “overreaction” in a Saturday note. “Long term, the White House will likely support autonomy given its central role in global AI leadership,” the firm’s note read.
Efficiency—and serving customers within four minutes—is the centerpiece of a turnaround campaign Starbucks launched to lure back customers amid sluggish traffic. The company also hopes to lift sales by making cafes a more welcoming place to spend time and money. Indeed, the digital asset staged a decisive breakout above the pattern earlier this week, laying the groundwork for a new move higher.
CNBC Newsletters
IBM (IBM) shares, which hit an all-time high Tuesday after it showcased a “viable path” to building the world’s first large-scale, “fault-tolerant” quantum computer by the end of the decade, are little changed in premarket trading. Intel shares have remained rangebound since gapping sharply lower last August. More recently, the stock found buying interest around the lower levels of the trading range, with the price closing above both the 50- and 200-day moving averages on Tuesday.
Oklo shares gained 30% in regular trading, pushing the stock’s year-to-date gain to 220%. Shares were down about 5% in extended trading hours after the company announced a public offering of $400 million in stock. The news follows a recent rally for Oklo and other nuclear energy stocks, sparked by President Donald Trump signing executive orders last month aimed at boosting the industry. Oklo CEO Jacob DeWitte was in the Oval Office when the orders were signed, and the company released a statement supporting the directives. Oil prices rose as a U.S.-China trade deal and soft inflation report boosted demand expectations while concerns about political instability in the Middle East sparked fears of supply disruptions.
West Texas Intermediate futures, the U.S. crude oil benchmark, rose 5.1% to $68.30 per barrel, trading at their highest level since early April. “For the last two months of the quarter, it was really risk on. It was about buying stocks that had these really strong secular growth drivers like AI and technology,” said Anthony Saglimbene, Ameriprise chief market strategist. Discovery (WBD), which earlier this week announced plans to split its streaming and studios businesses from its cable TV operations, advanced 5% to pace S&P 500 gainers, while Starbucks (SBUX) shares rose more than 4%. General Motors (GM) gained about 2% after the automaker announced plans to invest $4 billion over the next two years to expand production at three U.S. plants, as Trump calls for companies to boost their domestic manufacturing. Data analytics software provider and AI investor favorite Palantir (PLTR) climbed nearly 3%.
Put another way, investors appear to have moved on, even if the degree to which Musk and Trump have—the former earlier today posted that he “went too far” in some of his comments regarding the president, though he didn’t say which ones—remains an open question. Shares of Chewy (CHWY) fell sharply Wednesday as the online pet retailer’s first-quarter profit came in below analysts’ expectations. Bitcoin (BTCUSD) has rallied over the past week to approach the record high it set last month, tracking the strong performance of U.S. equities and encouraging signals about the U.S. economy. But Treasury Secretary Scott Bessent told Congress it’s “highly likely” that countries in trade negotiations with the US will see an extension of the 90-day tariff pause, currently set to expire July 9.
Further hints that tariffs are sparing inflation could put the Federal Reserve in a tight spot ahead of its policy meeting next week. Bets on interest rate cuts this year have mounted, but analysts expect officials to maintain their wait-and-see approach to economic data and policy decisions, with September seen as the most likely spot to resume rate cuts. Oracle shares are expected to move about 7.2% in either direction by the end of the week, according to options pricing data. That would put shares at about $190, their highest price this year and just 1% shy of a record, or about $164, which would erase the stock’s gains so far this month. Software company Oracle (ORCL) is scheduled to report fiscal fourth-quarter earnings after the closing bell on Wednesday, and traders see potential for the stock to hit a record high on the results. Other factors are helping support stocks—including high-profile tech shares—lately.
The price of bitcoin dropped to $108,900 recently, as U.S. stocks backed off their earlier highs as well. Tesla (TSLA) remained in the spotlight Wednesday as shares of the EV maker rose 0.1%, after posting three consecutive days of big gains. The stock has rallied following a massive sell-off sparked by a very public dispute last week between CEO Elon Musk and President Trump. Musk said in an X post early this morning that he regrets some of the posts he made last week about the president, while separately confirming that the company’s highly anticipated Robotaxi launch has been set for June 22. The S&P 500 and Nasdaq Composite declined 0.3% and 0.5%, respectively, while the Dow Jones Industrial Average fell fractionally, as each of the indexes gave up earlier gains. Even with today’s decline, the S&P 500 remains less than 2% away from a new record high.
“Occam’s razor suggests that inflation is already stuck above target, with risks to the upside from tariffs over the next several months,” wrote economist Aditya Bhave in a Tuesday note. “The Fed might still cut rates this year if there is compelling evidence of labor market deterioration. But the lack of progress on inflation raises the bar for cuts.” Asia-Pacific markets traded mixed Tuesday as investors assessed the record gains on Wall Street and the global impact of U.S. President Donald Trump’s tariff policies, as his 90-day tariff reprieve is set to expire next week.
The pan-European Stoxx 600 was last seen trading around 0.1% higher, but the index has been wavering between that gain and the flatline since the session began. Trump said in a Truth Social post that the Department of Government Efficiency could review funding for rocket launches, satellites and electric car production. “There is less visibility to the developent story than same store sales, but it would be more impactful to the long-term story if our concerns do transpire,” Charles told clients in a research note. Tandem and Beta shares were tumbling 8% and 5%, respectively, while Dexcom shares shed nearly 2%. Additionally, Bhave anticipates there could be much more impact to the U.S. economy from tariffs ahead. “Investors have definitely increased positioning over the last couple of weeks, so I do think that’s a potential vulnerability,” he told CNBC.
New data out Tuesday showed a smaller-than-expected contraction in the manufacturing sector. Canaccord Genuity analyst William Plovanic said he expects Tandem Diabetes Care would be the most hurt by the change, given that about 39% of its estimated 2025 revenue comes from pump sales. The analyst also expects some impact on the businesses of Beta Bionics and Medtronic, and for it to be “neutral to positive” for both Dexcom and Abbott. Due to its current payment structure, Insulet shouldn’t be impacted, he said. The Centers for Medicare and Medicaid Services is proposing a rule change that could change the classification for continuous glucose monitors and insulin infusion pumps. If adopted, the rule would change reimbursement rates and allow patients access to newer technology more quickly.