5 things to know before the stock market opens Wednesday, June 7


Get real time updates directly on you device, subscribe now.

People walk along Wall Street outside of the New York Stock Exchange (NYSE) on May 03, 2023.

Spencer Platt | Getty Images

Here are the most important news items that investors need to start their trading day:

1. New highs

2. PGA Tour and LIV Golf stun the world

Former U.S. President Donald Trump looks on from the second green during the pro-am prior to the LIV Golf Invitational – Bedminster at Trump National Golf Club Bedminster on July 28, 2022 in Bedminster, New Jersey.

Jonathan Ferrey | LIV Golf | Getty Images Sport | Getty Images

No one saw this coming. The PGA Tour and its Saudi-backed rival LIV Golf announced a merger deal that sent shockwaves through the sports, geopolitical and business worlds. The agreement came after seven weeks of secret talks – and months of bitter public fighting that included lawsuits, player bans and lobbying campaigns on Capitol Hill. Now, if the deal goes through, Saudi money and all of its baggage will have an even bigger presence in the lucrative golf universe. While the deal caused some to celebrate, including LIV golfer Phil Mickelson and tournament host Donald Trump, it triggered disgust among many and put PGA Tour Commissioner Jay Monahan in the hot seat.

3. SEC goes after Coinbase

SEC Chair Gensler: We don't need more digital currency

First Binance, now Coinbase. After bringing charges against the world’s biggest crypto exchange on Monday, the Securities and Exchange Commission on Tuesday sued publicly traded Coinbase, saying it has “defied the regulatory structures and evaded the disclosure requirements” of securities laws. Shares of the crypto firm fell 12% Tuesday after already falling 9% Monday following the SEC’s action against Binance. “These trading platforms, they call themselves exchanges, are commingling a number of functions,” SEC Chairman Gary Gensler told CNBC. “We don’t see the New York Stock Exchange operating a hedge fund.” In turn, Coinbase accused the SEC of relying to heavily on an “enforcement-only approach” to the crypto industry.

4. Smoked out

Raging Canadian wildfires have blanketed much of the northern U.S. with smoke and haze, resulting in poor air quality and an eerie apocalyptic tint in the sky. Officials from Minnesota to New England sent out advisories about the air, warning it could be especially harmful to people with heart and respiratory ailments. In New York City, the air was so bad it exceeded exposure levels set out by the World Health Organization. Smoky skies could end up sticking around for much of the summer, too, as Canada is facing possibly its worst wildfire season ever, CNBC’s Emma Newburger reports. It’s expected to last through August.

5. ‘Public nuisance’

The entrance to the Hyundai Motor Asan Factory in Asan, south of Seoul.

YELIM LEE | AFP via Getty Images

Shares of Hyundai and Kia fell in overseas trading Wednesday after New York City sued the South Korean automakers in federal court because many of their vehicles are too easy to steal. “In electing profits over safety and deviating from industry norms by not including engine immobilizers as a standard safety feature, Defendants created and maintained a public nuisance,” the city said in a legal filing. Hyundai and Kia vehicles became the subject of TikTok videos that showed an easy way to hotwire and steal them, leading to a huge surge in vehicle thefts in cities. Hyundai and Kia said they have taken steps to fight theft and that they’re working with U.S. safety and transportation regulators.

– CNBC’s Samantha Subin, Lillian Rizzo, Jessica Golden, Rohan Goswami, Emma Newburger and Jihye Lee contributed to this report.

Follow broader market action like a pro on CNBC Pro.



Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More