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Live Coverage Has Ended

Factory Activity Expands

Photo of Gerelyn Terzo
By Gerelyn Terzo Published

Quick Read

  • Barry Diller's People Inc. bid $48.30 per share to take MGM Resorts private, placing the casino giant's enterprise value at $18 billion.

  • NVDA's RTX Spark Arm-based chip enters consumer PCs with 30+ hardware partners, sending INTC tumbling 6%.

  • A 5% oil spike, fueled by Iran cutting U.S. communications and intercepted ballistic missiles near Kuwait, injected fresh geopolitical risk into June's market open.

  • It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)

Live Blog Update #2 Published

← Back to Full Coverage: Live Nasdaq Composite: Markets Open June With Caution as Oil Spikes and Nvidia Powers Tech Higher

On the macro economic front, the ISM Manufacturing PMI came in at 54.0 for May, beating estimates and delivering its strongest showing since 2022. Factory activity has been growing for the past five straight months. New Orders were a bright spot, printing at 56.8 against expectations of 54.8, signaling healthy demand momentum heading into the summer. The Prices Paid component eased to 82.1 from an estimate of 85.0, a welcome development suggesting some softening in input cost pressures, though the reading remains elevated and will keep inflation watchers on alert.

All Updates from Live Coverage

Anthropic IPO

| Gerelyn Terzo
Live

Anthropic, the AI company behind chatbot Claude, has confidentially filed an S-1 with the SEC, setting the stage for what could be one of the most closely watched IPOs in recent memory. As LLM companies jockey for position, the filing puts Anthropic ahead of rival OpenAI, which is reportedly preparing its own confidential submission. For investors looking to gain direct exposure to the frontier AI buildout, the opportunity has arrived, though the timing of Anthropic’s IPO remains unclear.

Diller's Deal

| Gerelyn Terzo
Live

Barry Diller is making a move to take MGM Resorts (NYSE:MGM) private, according to a report in the Wall Street Journal. Diller’s People Inc., formerly known as IAC, already holds a 26.1% stake in the casino giant and submitted a nonbinding proposal Monday to acquire the remainder at $48.30 a share in cash, placing the total enterprise value at $18 billion. Diller has previously made the case that MGM represents a business less vulnerable to technology disruption than most, and if the board accepts the offer, the Las Vegas-based casino operator would exit the public markets under People Inc.’s full control.

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DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
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About the Author Gerelyn Terzo →

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.

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