Stock Market News: JPMorgan investor update, Meta’s $1.3 billion fine, Micron’s warning
Debt ceiling talks resume as the deadline looms, JPMorgan delivers rosy forecast at investor day, Micron warns over China exposure and Facebook parent Meta slapped with heavy fine. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Coverage for this event has ended.
After 5 years of dating, Lauren Sanchez and Jeff Bezos are making it official.
Bezos, one of the world's richest people, has a net worth of over $130 billion, with much of it tied to the company he founded, Amazon. He currently owns 9.6% of the e-commerce giant and is the largest single shareholder. His stake is worth a cool $99 billion through Monday.
Mark Zuckerberg's Meta, parent to Facebook, was slapped with a heavy fine in Europe.
With debt ceiling talks ongoing, U.S. stocks ended the session mixed as the Nasdaq Composite closed near highs not seen since August, while the S&P 500 posted fractional gains.
This as the Dow Jones Industrial Average fell by triple digits, weighed down by shares of Nike and Procter & Gamble, while 3M and American Express limited the selling.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| NKE | $110.41 | -4.36 | -3.79 |
| PG | $148.89 | -4.28 | -2.79 |
| MMM | $101.78 | 2.75 | 2.78 |
| AXP | $155.75 | 2.80 | 1.83 |
Senator Tim Scott (R-SC) is tossing his hat into the 2024 presidential race, joining the likes of former President Donald Trump and likely contender Florida Gov. Rob DeSantis.
The Billionaire CEO of Tesla, Elon Musk, is taking notice of the growing list of contenders.
PayPal sister Venmo is the latest app to roll out a feature especially for teens.
Chipmaker Micron disclosed to investors, in a filing with the Securities and Exchange Commission, that sales may be impacted by pushback in China.
"On May 21, 2023, Micron Technology, Inc. (“Micron”) received notice that the Cyberspace Administration of China (the “CAC”) concluded its review which commenced on March 31, 2023. In its review, the CAC concluded Micron products present a cybersecurity risk. As such, the CAC notified critical information infrastructure operators in China to stop using Micron products. We are evaluating what portion of our sales could be impacted by a “critical information infrastructure” ban.
Debt ceiling talks are set to restart on Monday but Wall Street is already warning the U.S. is dangerously close to a cash crunch, including this update from Goldman Sachs.
Investor day at JPMorgan, the nation's biggest bank, is underway. Some highlights include:
Raises net income guidance by $3 billion to $84 billion after First Republic asset buys
Onboarded thousands of new clients during industry turmoil
The nation's top economists don't believe inflation will come down to where it needs to be this year and perhaps not in early 2024.
Live Coverage begins here