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Stericycle soars following acquisition news
Shares of waste-disposal firm Stericycle soared more than 7% in premarket trading following news that Waste Management would acquire the company for $7.2 billion.
Stericycle stock.
Waste Management will acquire Stericycle for $62 per share, representing a roughly 20% premium over Stericycle stock’s Friday close.
— Brian Evans
GameStop shares rally 74% after latest posts from ‘Roaring Kitty’
GameStop shares were up more than 74% amid speculation that Keith Gill, who inspired the 2021 short squeeze, could have a big position in the video game retailer.
Gill, who goes by DeepF——Value on Reddit and Roaring Kitty on YouTube and X, posted a screenshot of what could be his portfolio, showing more than 5 million GameStop shares worth $115.7 million. The image also showed 120,000 call options in GameStop.
GME rallies
European markets open higher
European markets started the month higher Monday, extending last week’s rally as investors look ahead to the European Central Bank’s latest interest rate decision later this week.
The U.K.’s FTSE 100 was up 0.63% at 8,326, Germany’s DAX was 0.79% higher at 18,648 and France’s CAC was up 0.72% at 8,050. Italy’s MIB was also 0.8% higher at 34,762.
South Korean energy stocks rise after government greenlights exploration plans
South Korean energy stocks rose after the government greenlit exploratory drilling for vast oil and gas resources off the country’s east coast.
Shares of Korea Gas Corporation surged 29.87%. Daesung Energy rose 28.25%, while SK Innovation climbed 7.9% and SK Gas advanced 15.97%.
South Korean President Yoon Suk Yeol reportedly told a news conference that there is a “very high” possibility for the area to contain as much as 14 billion barrels of oil and gas.
—Lee Ying Shan
India stocks record intraday highs as exit polls show Modi’s BJP-led alliance projected to win majority
After overtaking Hong Kong’s stock market in December, India currently has the fourth largest in the world, and is now valued at over $4 trillion.
Javier Ghersi | Moment | Getty Images
Stock gauges in India hit intraday record highs, with the Nifty 50 index rising about 3% and the S&P BSE Sensex Total Return index last up about 2.6%.
Local exit polls over the weekend suggested Prime Minister Narendra Modi and his Bharatiya Janata Party-led alliance was set for a rare third consecutive term in power.
The BJP-led National Democratic Alliance is expected to secure around 365 out of the 543 seats in the lower house of India’s parliament, according to local news channel NDTV’s exit poll summary.
However, final results, expected on Tuesday, can diverge from exit poll projections.
— Shreyashi Sanyal, Charmaine Jacob
China’s May factory activity expands at fastest pace in nearly two years, tops estimates
A private survey showed China’s manufacturing activity expanded at its fastest pace in nearly two years, in contrast to an official reading.
The Caixin survey showed the headline seasonally adjusted manufacturing PMI rose to 51.7 in May from 51.4 the previous month, clocking its fastest pace since June 2022. It was also higher than a Reuters poll forecast of 51.5.
The private survey comes after official data on Friday showed China’s manufacturing sector unexpectedly contracted in May.
The Caixin survey also said sentiment among Chinese manufacturers remained positive in May amid hopes that market demand could improve both locally and abroad to support higher production this year.
— Shreyashi Sanyal
South Korea’s May manufacturing PMI expands at fastest pace in nearly 3 years
A private survey showed South Korea’s manufacturing activity expanded at its fastest pace in nearly three years in May.
South Korea’s headline manufacturing Purchasing Managers’ Index showed a return to growth in May, coming in at 51.6 from 49.4 in April, which was the strongest since July 2021.
“After recovery efforts appeared to have plateaued recently, growth surged in May as stronger demand conditions, both domestically and abroad, drove production growth to its strongest in nearly three years,” said Joe Hayes, principal economist at S&P Global Market Intelligence.
— Shreyashi Sanyal
Nvidia announces latest AI chip model
Nvidia announced new AI chips on Sunday before its latest model has even shipped to customers.
The new chip model is called “Rubin.” Nvidia had announced its “Blackwell” chips in March. Huang said Sunday that Nvidia plans to release new AI chip models on a “one-year rhythm.”
Shares of Nvidia are up more than 120 year-to-date even as other deep-pocketed tech companies try to compete with the AI leader.
— Jesse Pound, Rebecca Picciotto
Stock futures open little changed
Stock futures were largely unchanged shortly after 6 p.m. in New York, with the three major contracts within 0.2% of the flatline.
— Jesse Pound
Key economic reports this week
Here are some of the notable economic and corporate updates this week. All times ET:
Monday, June 3
10 a.m. Construction spending (April)
10 a.m. ISM manufacturing (May)
Tuesday, June 4
10 a.m. JOLTS job openings (April)
Earnings: Hewlett Packard Enterprise, Bath & Body Works
Wednesday, June 5
10 a.m. ISM services PMI (May)
Earnings: Campbell Soup, Dollar Tree
Thursday, June 6
8:30 a.m. Initial jobless claims
Earnings: J.M. Smucker Co.
Friday, June 7
8:30 a.m. May jobs report
— Jesse Pound, Sarah Min
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