Here are five key things investors need to know to start the trading day:
1. Four-peat
The S&P 500 and the Nasdaq Composite rallied to record highs Thursday for the fourth day in a row. The S&P rose 0.23%, while the Nasdaq added 0.34%. Following a pattern this week, the Dow Jones Industrial Average underperformed and slipped 65.11 points, or 0.17%. Aside from the Dow, markets were boosted by another piece of data showing signs of inflation pressures cooling. May’s producer price index, which measures wholesale inflation, unexpectedly fell 0.2% from the prior month. Follow live market updates.
2. Yes-la
This illustration image created on June 12, 2024 in Los Angeles, shows South African businessman Elon Musk’s campaign launched on X ahead of Tesla shareholders meeting in front of his picture on a screen. Electric vehicle company Tesla kept up the campaign to win last-minute votes ahead of the June 13 shareholder meeting that will weigh in on CEO Elon Musk’s giant compensation package.
Chris Delmas | Afp | Getty Images
Tesla shareholders voted to ratify CEO Elon Musk’s enormous 2018 pay plan five months after a Delaware judge had ordered the company to rescind it. The judge had said the compensation package, which was previously worth as much as $56 billion in Tesla stock, was improperly granted by the board. Thursday’s vote at the company’s annual shareholder meeting doesn’t supersede the court’s ruling, but it’s a win for Musk and could help his case in the future. Musk also discussed Tesla’s work toward self-driving vehicles, Cybertruck deliveries and his vision for the company’s Optimus humanoid robots.
3. Stellantis’ stumbles
Stellantis CEO Carlos Tavares speaks to media on June 13, 2024 following the company’s investor day at its North American headquarters in Auburn Hills, Mich.
Michael Wayland / CNBC
Stellantis CEO Carlos Tavares said the Jeep maker is working to fix “arrogant” mistakes in the U.S. market that led to sales declines, bloated inventories and investor concerns. He said Thursday, after the company’s investor day, that Stellantis faced three problems: not selling down vehicle inventory fast enough, manufacturing issues and a lack of “sophistication in the way to go to market.” Executives laid out plans for how they hope to achieve ambitious financial targets despite uncertainty in the industry and economy. Tavares also said Stellantis has achieved 8.4 billion euros ($9 billion) in cost reductions since the company was formed by a merger in January 2021.
4. Adobe advances
A sign is displayed on the exterior of an Adobe office in San Francisco on Dec. 13, 2023.
Justin Sullivan | Getty Images
Adobe shares jumped nearly 15% in premarket trading on better-than-expected second-quarter earnings results. The design software maker reported earnings and revenue that topped analysts’ expectations and raised its full-year guidance. Adobe’s revenue grew 10% from the same period a year ago. David Wadhwani, president of Adobe’s Digital Media business, said on a conference call with analysts that the company was excited about its cloud area, innovation and the adoption of its artificial intelligence functionality.
5. Zone coverage
Kansas City Chiefs tight end Travis Kelce (87) runs the ball in for a touchdown against the Tampa Bay Buccaneers during the first quarter at Raymond James Stadium, Oct. 2, 2022.
Kim Klement | USA Today Sports | Reuters
Netflix is looking for a partner to help the company with its first real foray into live sports. The streaming company is reaching out to broadcasters — including Disney‘s ESPN, Comcast‘s NBCUniversal and Paramount Global‘s CBS Sports — to help it produce the NFL games it will air on Christmas Day this year, CNBC’s Lillian Rizzo and Alex Sherman reported. But Netflix’s options might be limited. Fox and CBS already have games to produce in different regions, which could make it hard for them to take on more, sources said. Furthermore, some may be reluctant to help Netflix because they view the company as competition that could replace a legacy media company. (Disclosure: Comcast is the parent company of NBCUniversal and CNBC.)
— CNBC’s Lisa Kailai Han, Jordan Novet, Lora Kolodny, Ari Levy, Michael Wayland, Lillian Rizzo and Alex Sherman contributed to this report.
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