Investors closely monitored US-China trade talks in London, resulting in minimal changes in US stock markets. The S&P 500 edged closer to its record high, beginning with a rise of 4 points to 6,004. The Dow Jones initially rose by 23 points but then fell by 100 points, a decline of 0.2%. The Nasdaq opened with an increase of 43 points, maintaining slight gains.
Tesla (TSLA) saw a 1% decline after two investment banks downgraded its rating from "buy" to "hold" or "neutral," citing tensions between Elon Musk and Donald Trump as potential dampeners on the stock's performance. In contrast, tech stocks generally saw an uptrend, with Nvidia (NVDA) climbing over 1%. Apple (AAPL, Financial), hosting its Worldwide Developers Conference, rose by less than 1%.
Qualcomm (QCOM) announced an agreement to acquire London-listed chip company Alphawave IP Group for $2.4 billion in cash, aiming to boost its AI-related technology. This led to Qualcomm's stock increasing by over 3%, while Alphawave's European stock surged more than 20%. Stablecoin representative Circle (CRCL) jumped approximately 20%. Online brokerage Robinhood (HOOD) faced disappointment from not being included in the S&P 500 Index, causing its shares to drop over 3%.
