CNBC International

Dow briefly tops 40,000 for the first time, Meme stocks down but not out, Figma employees to cash in at $12.5 billion valuation Here’s what you need to know today: #CNBCMarkets Dow breaks through 40,000 barrier The Dow briefly passed the 40,000 mark for the first time before ending lower. ➡️ Read more #CNBCBusiness Attracting wealthy customers Walmart, the biggest discount retailer, beat quarterly earnings and revenue expectations as more high-income customers sought bargains. ➡️ Read more #CNBCBusiness Under-performing Athletic apparel company Under Armour plans to cut jobs as part of a restructuring program after reporting fiscal fourth-quarter profit slumped 96%. ➡️ Read more #CNBCTech Figma employees cash in Figma will allow investors, past and present employees to sell shares in a tender offer that values the cloud-based design tool company at $12.5 billion. ➡️ Read more #CNBCMarkets Meme retreat continues GameStop and AMC continued to retreat for a second day following a speculative rally after the reappearance of “Roaring Kitty” on social media at the beginning of the week. ➡️ Read more The bottom line Year to date, the U.S. government has spent $855 billion more than it has collected in taxes for this fiscal year, according to the U.S. Treasury Department. For fiscal 2023, the government's deficit spending came in at $1.7 trillion. But all this spending, in part, as JPMorgan Chase CEO Jamie Dimon says, is pushing up inflation. Wednesday's consumer price index showed inflation cooling somewhat in April. However, the consequences have been far-reaching for the real economy. Sign up for the CNBC Daily Open newsletter.

#CNBCMarkets Europe markets close lower European stocks closed lower as earnings weighed on a relief rally for global markets following softer-than-expected U.S. inflation data. ➡️ Read more #CNBCMarkets Gold, silver and platinum's red-hot rally Strategists say the precious metals could continue to hit fresh record highs over the coming months. ➡️ Read more #CNBCTech Meta’s EU child safety probe Facebook parent company Meta was hit with a major investigation from the EU into risks of its platforms to minors. ➡️ Read more #CNBCEntertainment Taylor Swift’s UK economy boost Barclays says Taylor Swift fans are expected to spend over $1,000 on average to see the singer on the U.K. leg of her Eras Tour. ➡️ Read more #CNBCMarkets Markets geopolitical risk Markets may be underestimating the potential for sudden destabilization due to geopolitics, the vice-president of the European Central Bank said. ➡️ Read more Follow us on @CNBCi

Slovakia’s PM no longer in life-threatening condition Slovakia’s populist Prime Minister Robert Fico is expected to survive a multiple-shot assassination attempt following surgery, according to the country’s deputy prime minister. ➡️ Read more #CNBCPolitics Follow us on @CNBCi

S&P 500 closes at record high, Inflation data increases rate cut expectations, Meme stock rally fizzles Here’s what you need to know today: #CNBCMarkets Wall Street hits record high The S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. The Dow jumped 350 points as investors bet the Fed may cut rates in September. ➡️ Read more #CNBCEconomy Inflation eases April’s consumer price index rose 0.3%, slightly less than expected, while on a 12-month basis, inflation increased 3.4% in line with economists’ forecasts. ➡️ Read more #CNBCMarkets Meme stock rally fizzles Shares of GameStop and AMC slumped more than 18% each amid signs of the meme frenzy petering out. ➡️ Read more #CNBCPolitics 12-second crypto heist The Department of Justice indicted two brothers for allegedly stealing $25 million in cryptocurrency within roughly 12 seconds, raising concerns about the “integrity of the blockchain.” ➡️ Read more The bottom line For the first time this year, inflation cooled more than expected, propelling stocks to record highs. Notably, the S&P 500 achieved this feat in just 48 days, compared to 746 days previously. And that was despite an ugly April, which had sent the Dow, S&P 500 and Nasdaq down more than 4% each. Sign up for the CNBC Daily Open newsletter.

#CNBCMarkets Europe markets close higher European markets closed higher as global investors digested a cooler-than-expected U.S. inflation print. ➡️ Read more #CNBCPolitics Israel’s Netanyahu stands firm on Rafah offensive Israeli PM Netanyahu acknowledged tensions over the military offensive in Rafah, but stood firm that the operation is required to protect Israeli security. ➡️ Read more #CNBCMarkets Jamie Dimon urges the U.S. to deal with its deficit JPMorgan Chase CEO Jamie Dimon urged the U.S. to reduce its fiscal deficit sooner rather than later. ➡️ Read more #CNBCPolitics Slovak PM Fico in ‘life-threatening’ condition after being shot Slovakia’s populist PM Robert Fico was shot multiple times in an assassination attempt. ➡️ Read more #CNBCPro Goldman's favorite stocks with 50% or more upside CNBC Pro scoured Goldman’s May conviction lists for stocks with further upside of 50% or more, based on the bank’s price targets. ➡️ Read more

Putin wants 3 things from Xi, analyst says Russian President Vladimir Putin’s meeting with Chinese leader Xi Jinping in China this week is the latest sign of deepening strategic ties between both sides. ➡️ Read more #CNBCPolitics Follow us on @CNBCi

Nasdaq rises to record close, Google launches new AI model, Meme stocks extend gains Here’s what you need to know today: #CNBCMarkets Wall Street up, awaits inflation data U.S. markets advanced ahead of a crucial inflation report on Wednesday, despite April’s producer price index coming in hotter than expected. ➡️ Read more #CNBCMarkets Meme craze cools Shares of GameStop and AMC rose on Tuesday, extending Monday’s gains after “Roaring Kitty” made a reappearance. ➡️ Read more #CNBCTech Alibaba sinks Profit at e-commerce giant Alibaba fell 86% to 3.3 billion yuan ($456 million) in its fiscal fourth quarter. ➡️ Read more #CNBCPolitics Biden’s China tariffs The Biden administration sharply increased tariffs on $18 billion of Chinese imports, aimed at protecting U.S. industries and jobs. ➡️ Read more #CNBCEconomy Powell: Inflation falling slowly Fed Chair Jerome Powell said inflation was not slowing as quickly as anticipated, requiring the central bank to maintain its current interest rates for longer. ➡️ Read more The bottom line Sam Altman's OpenAI raised the bar for AI Assistants on Monday — a move that could spell the end of Siri and Alexa. In a demonstration, it effortlessly translated Italian to English on an Apple iPhone, and even solved a difficult math problem. Under pressure from OpenAI, Google announced its most powerful AI model on Tuesday. While the United States leads in AI, it has fallen behind in electric vehicle technology. As widely reported, President Joe Biden imposed tariffs on Chinese EVs and other technology products. While China has yet to sell a single EV in the United States, luxury Chinese EV brand Zeekr raised $441 million in its U.S. IPO last week. Sign up for the CNBC Daily Open newsletter.

#CNBCMarkets Europe markets close higher European stocks closed slightly higher on Tuesday as global investors reacted to the latest U.S. inflation data. ➡️ Read more #CNBCMarkets Meme stock craze returns Shares of GameStop jumped Tuesday, extending the meme stock rally started by the first online post from “Roaring Kitty” in three years. ➡️ Read more #CNBCPolitics Georgia passes ‘Russia-style’ law on foreign influence Georgian lawmakers on Tuesday passed a highly controversial “Kremlin-style” law on foreign influence, despite massive protests and repeated warnings from the U.S. and European Union. ➡️ Read more #CNBCPolitics EU hits out at China Mark Gitenstein, the U.S. ambassador to the EU, said China is deliberately distorting markets with cheap goods. ➡️ Read more #CNBCPro These 3 ETFs have risen by double-digits every year for the past 5 years Only three ETFs worldwide have produced double-digit annual returns in the past five years, CNBC Pro has found. ➡️ Read more Follow us on @CNBCi

Dow ends longest winning streak of 2024, GameStop soars as 'Roaring Kitty' returns, Novavax extends gains  Here’s what you need to know today: #CNBCMarkets Dow snaps winning streak The Dow fell for the first time in nine days on inflation concerns. ➡️ Read more #CNBCMarkets Roaring Kitty’s back Shares of GameStop more than doubled after the man who inspired the meme-stock mania of 2021 posted online for the first time in three years. ➡️ Read more #CNBCTech Squarespace goes private Private equity firm Permira has agreed to acquire website-building platform Squarespace in an all-cash $6.9 billion deal. ➡️ Read more #CNBCTech New AI model GPT-4o OpenAI has released GPT-4o, a new AI model and desktop version of ChatGPT, as it steps up competition with rival Google. ➡️ Read more #CNBCBusiness Novavax soars After its stock almost doubled on Friday, Novavax rose another 50% on Monday as doubts over its ability to stay afloat faded. ➡️ Read more The bottom line Hedge funds shorting GameStop must have woken up on Monday morning and probably thought they had been transported back to the nightmare of January 2021. One cryptic post from Roaring Kitty — who in 2021 had retail investors on the Reddit forum r/WallStreetBets to bet against short sellers — was enough to recharge GameStop.    Sign up for the CNBC Daily Open newsletter.

S&P 500 closes in on record high, Zeekr soars 35% on debut, Novavax almost doubles on Covid jab deal Here’s what you need to know today: #CNBCMarkets Dow’s best week this year The Dow had its best week of 2024, rising for the eighth consecutive session on Friday. ➡️ Read more #CNBCBusiness Shot in the arm Novavax shares nearly doubled on Friday after it announced a multi-billion-dollar deal with Sanofi to commercialize its COVID-19 vaccine. ➡️ Read more #CNBCTech Google challenger OpenAI is reportedly planning to announce its AI-powered search product on Monday, directly challenging Google's dominance in the search engine market. ➡️ Read more #CNBCTech Altman’s Oklo sinks Sam Altman, CEO of OpenAI, saw the shares of his first publicly traded company, Oklo, sink more than 54% on Friday. ➡️ Read more #CNBCBusiness Zeekr pops Shares of Zeekr, the premium EV brand owned by China's Geely, soared nearly 35% on their first day of trading on the NYSE. ➡️ Read more The bottom line The front end of this week is rather loaded with geopolitical intrigue and AI developments. Add to that the question: can the Dow, enjoying its longest win streak going back to December, climb even higher? That will almost certainly depend on this week's inflation data. Sign up for the CNBC Daily Open newsletter.