CNBC Daily Open: Dow drops on weak manufacturing data, GameStop soars
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The Dow Jones Industrial Average dropped more than 100 points after weak manufacturing data raised concerns about the strength of the U.S. economy. However, the S&P 500 edged higher by 0.11%, while the Nasdaq Composite gained 0.56%. GameStop closed 21% higher after jumping more than 70%, as meme stock leader Keith Gill appeared to hold on to a massive position in the video game retailer. Gill, who goes by "DeepF-----Value" on Reddit and "Roaring Kitty" on YouTube and X, posted a screenshot of his portfolio on Monday, showing the value of his common stock alone jumped to $140 million from $115.7 million as of Friday's close. Microsoft will cut some jobs at its augmented reality headset department that helps make HoloLens. Paramount and Skydance have agreed to merger terms of a deal valued at $8 billion. Novartis and Merck reported that their combination therapy, administered to patients with the deadliest form of skin cancer in conjunction with the therapy Keytruda, demonstrated improved survival rates and durable efficacy. Concerns about the strength of the economy weighed on the Dow. The Atlanta Federal Reserve's tracker sharply lowered its second-quarter growth forecast to 1.8% from 2.7%, following disappointing news from the manufacturing sector.

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https://www.cnbc.com/2024/06/04/cnbc-daily-open-dow-drops-on-weak-manufacturing-data-gamestop-soars.html