CNBC Business News Update - Market Open: Stocks Little Changed, Nvidia "Mania," Investors Wait for Tomorrow's Jobs Report 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 Ettinger, CNBC. It's a flattish morning on Wall Street as investors wait for the big May employment report. That comes tomorrow morning. The S&P 500 index and the Nasdaq each opened at record highs this morning. The Dow's down 40 points out of the gate. The S&P 500 index up 3. The Nasdaq up 36 points. The market has shown a heightened sensitivity to any hint that the U.S. economy is slowing more than anticipated or intended. And I don't think it's a panic, but it shows you that the things that usually rally in a soft landing type scenario with yields coming down didn't until yesterday. There's this question out there as to whether there might be just a little bit more deceleration than we thought there would be. CNBC's Mike Santoli. Nvidia shares up 13%

over the past three trading days. They were up another 2% out of the open this morning. Shareholders as of tomorrow will participate in a 10 for 1 stock split designed to make the shares more affordable. See, at $1,200 a piece, people can't easily get in. 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. Slightly more people than expected applied for unemployment benefits last week at 229,000, very close to the pre-pandemic weekly average of 225,000. And continuing claims, still at a level that suggests people are finding their next job relatively quickly. On continuing claims, it remains under 1.8 million again, 1,792,000. It just amazes me how steady these are. CNBC's Rick Santelli. Americans Flight Attendant Union has rejected the airline's immediate 17% pay raise. The flight attendants have been in extended contract talks

and have been considering a very rare but possible strike. 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.