5 things to know before the stock market opens Friday
Michael Nagle | Bloomberg | Getty Images
Here are the most important news items that investors need to start their trading day:
1. On the run
Stocks are on track for a mega week, with the Nasdaq Composite and S&P 500 each coming off six-day rallies and the Dow Jones Industrial Average steaming ahead 400 points Thursday. The Nasdaq, up almost 4% on the week, and the S&P 500, up almost 3%, both reached their highest intraday levels in 14 months Thursday. The Dow, the relative laggard since the start of the week, is still up 1.6% over the period. The gains come as the Federal Reserve clouds begin to clear, after the central bank skipped a rate hike this week. Follow live market updates.
2. High-stakes visit
U.S. Secretary of State Antony Blinken pictured on June 1, 2023 in Oslo, Norway. Javad Parsa | AFP | Getty Images
U.S. Secretary of State Antony Blinken will travel to China this weekend for the first time under the Biden administration. The trip to Beijing was delayed by more than four months and marks a rare high-level meeting between the two nations during what's been a particularly tense time. The talks are expected to help step the U.S. and China toward a potential meeting between President Joe Biden and Chinese President Xi Jinping later this year. For that reason, Blinken's visit could be an "important turning point in the relationship," according to Scott Kennedy, senior advisor and trustee chair in Chinese business and economics at the Center for Strategic and International Studies. "If [both sides] announce the talks went well enough they can schedule additional cabinet-level meetings."
3. DOJ takes a swing
Rafael Henrique | Lightrocket | Getty Images
The Department of Justice has notified the PGA Tour it plans to review the golf organization's proposed merger with Saudi-backed LIV Golf over antitrust concerns, NBC News reports. The deal, announced last week, would see once-bitter rivals join forces and form a new for-profit company, squashing several pending lawsuits in the process. It drew near-immediate criticism from lawmakers and human rights activists. Earlier this week, Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., urged the DOJ to probe the agreement. Sen. Richard Blumenthal, D-Conn., opened an inquiry into the deal, and Wyden launched his own investigation.
4. Healthy appetite
The New York Stock Exchange welcomes executives and guests of Cava in celebration of its initial public offering, June 15, 2023. NYSE
Mediterranean fast-casual chain Cava soared 99% in its debut on the public markets Thursday to $43.78 per share. That closing price represents a massive upside from earlier expectations and values the company north of $4.8 billion. The offering is sure to come as welcome news for a host of other restaurant companies that have been eyeing the public markets after the IPO market all but dried up over the last 18 months. Brazilian steakhouse Fogo de Chão, Korean barbecue chain Gen Restaurant Group, Panera Bread and Fat Brands' Twin Peaks are all expected to go public soon.
Akio Toyoda, Chairman of Toyota Motor Corp. Yoshikazu Tsuno | Gamma-rapho | Getty Images
Source: CNBC
