CNBC Business News Update - Market Close: Stocks Mixed, Investors Wait for May Jobs Numbers, Rivian R1 Redesign 6/6/24

Episode Date: June 6, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Friday morning for a jobs Friday after a mixed day for stocks. Lackluster. The Dow is on a three-day winning streak. The Dow was up 78 points. The S&P 500 index down a point. The Nasdaq down 14 points on Thursday. Investors waiting for that May employment report.

8.30 a.m. Eastern Friday. They're hoping for an unemployment rate holding below 4%, near a 50-year low. I think after a disappointing number last month, we were down to 175. I think we do inch slightly higher, around 185. So pretty much in line with what the market's expecting. Still, again, we talked about those solid labor market conditions, but a loss of momentum from where we were in 2022, 2023 on average. The unemployment rate still below that 4% threshold at 3.9. This is now

the longest stretch below 4%. We have to go all the way back to the 1960s. Stiefel's Lindsay Piegsa on CNBC. NVIDIA shares fell 2% on Thursday ahead of a 10 for 1 stock split that happens Friday afternoon. It'll make shares more affordable at about $1,200 a share right now. Many average people can't even afford to buy one. We are seeing a true mania in NVIDIA. I mean, take a look at the images that we're seeing on social media. The CEO is signing shirts. My friends are texting me about the stock. My mom is texting me about the stock. And there's a true mania out there, especially when you look at the stock market, the options market. People are piling into these crazy short-term bets tied to NVIDIA soaring ahead of its stock split tomorrow.

The Wall Street Journal's Gunjan Banerjee on CNBC. NVIDIA shares split after Friday's closing bell. The stock will begin trading Monday morning on a split-adjusted basis. Just the price change due to the stock split will allow it to be more affordable for more retail investors. And so that would be the opportunity that we're recommending. When you see that uptrend, once the stock splits and more demand for the company comes in, then that would be an opportunity to possibly take some chips off the table and just take some profits with capital gains at the current rates. Kadena and companies, Kalai Kadena, Pua'a on CNBC.

The FTC and the Justice Department are set to open investigations into NVIDIA, Microsoft, Taiwan Semi, and OpenAI. Multiple sources familiar confirmed to CNBC that the Department of Justice and the Federal Trade Commission are in the final stages of a deal now to divide up antitrust inquiries into NVIDIA, Microsoft, and OpenAI, several of the most dominant players in this rapidly emerging AI space. The deal largely covers investigations into the behavior of the company, as I'm told, not necessarily focused on the mergers and acquisitions

by those companies. So two types of investigations there. CNBC's Eamon Javers. Boeing's Starliner successfully docked with the International Space Station Thursday. SpaceX's mega starship rocket, which was unmanned, completed its first full test flight Thursday, returning to Earth without exploding. The first three test versions of that rocket blew up. On Friday's watch list, it is Jobs Friday. We also get earnings from Big Lots, J.M. Smucker, Chinese EV maker NIO, and Vail Resorts. New in theaters, Lionsgate's horror film Ballerina and Sony's Bad Boys Ride or Die. It's also National Donut Day Friday.

Free ones at Duck Donuts and Krispy Kreme. Dunkin' will only give you a free donut if you buy a beverage. Jessica Ettinger, CNBC. Friday, a critical jobs report. Will payrolls continue to soften and help pave the way for Fed rate cuts? Squawk Box, Friday, 8 30 a.m. Eastern, CNBC.