US stocks slid on Monday to kick off a volatile first trading day of June. The tech-heavy Nasdaq Composite turned negative by afternoon trading, down roughly 0.2%, while the benchmark S&P 500 also lost steam to fall about 0.5%. The Dow Jones Industrial Average dropped around 1%, or nearly 400 points. A weaker-than-expected reading on the manufacturing sector pushed the major averages lower as investors debate the future path of Fed rate cuts.
The stock skyrocketed over 100% at one point in early trading after a Reddit post apparently by Keith Gill — aka "Roaring Kitty" — showed a big bet by the influential trader. Fellow meme darling AMC's shares shot up as much as 27% alongside the move. Shares of GME, which were briefly halted for volatility, pared gains to about 30%. Overall, stocks are looking to build on their strong performance in May, which saw all three major gauges break records during the month.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »