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

Here are the key news, trends, and analysis investors need to start their trading day:

1. Dow, S&P 500 stand less than 1% of record closing highs

A trader on the New York Stock Exchange, June 4, 2021.

Source: NYSE

2. Jeff Bezos will fly Blue Origin’s first passenger space flight next month

Jeff Bezos drives a Rivian R1T electric truck through the Blue Origin launch facility in Texas.

Blue origin

Jeff Bezos will fly on the first passenger flight of his space company Blue Origin. The company plans to launch the mission on July 20, the Amazon billionaire announced on Monday. Bezos and his brother Mark will join the winner in a public auction held for one of the seats. The bid for the auction was $ 2.8 million before Bezos announced he would be on board. Bezos’ Blue Origin and Elon Musk’s SpaceX are two of the largest commercial space companies.

3. Elon Musk Says Tesla has officially canceled the Model S Plaid Plus

Musk, co-founder and CEO of Tesla, tweeted on Sunday that the electric automaker canceled the most expensive variant of its flagship sedan, the $ 150,000 Model S Plaid Plus.

Tesla had promised that a Plaid Plus version of its new Model S would give drivers 1,100 horsepower, 520 miles of range on a fully charged battery, and zero to 60 mph in less than two seconds. The remaining high-end version of the Model S Plaid for $ 119,900 should have a battery capable of 390 miles with 1,020 horsepower and similar acceleration.

4. AMC stocks rose after skyrocketing in a wild week of trading

Pedestrians pass an AMC theater in New York.

Scott Mlyn | CNBC

AMC Entertainment’s shares rose 8% in the premarket on Monday after rising more than 80% in a wild week despite declines on Thursday and Friday. The cinema chain sold additional shares in two tranches last week, raising around $ 817 million. CEO Adam Aron told YouTube host and AMC shareholder Trey Collins that the company plans to issue an additional 25 million shares.

Emily Blunt, Millicent Simmonds and Noah Jupe star in “A Quiet Place Part II”.

Parent

The cinema business, decimated by the Covid pandemic, showed further signs of a return to normal. A Quiet Place Part II fell 59% to $ 19.5 million after a stellar opening over Memorial Day holiday weekend last weekend. However, the Paramount sequel has raised $ 88.6 million in the US and Canada. Warner Bros.’s “The Conjuring: The Devil Made Me Do It” topped the weekend box office and debuted with a profit of $ 24 million.

5. G-7 agrees on global tax reform; Yellen talks about the Biden agenda, tariffs

British Chancellor of the Exchequer Rishi Sunak (center), US Treasury Secretary Janet Yellen (right) attends the first day of the G-7 Finance Ministers’ Meeting on June 4, 2021 at Lancaster House in London.

Stefan Rousseau | AFP | Getty Images

The Treasury Ministers of the most advanced economies, known as the Group of Seven, have backed a US proposal requiring companies around the world to pay at least 15% tax. Treasury Secretary Janet Yellen tweeted that a “global minimum tax would end the race to the bottom in corporate taxation and ensure fairness for the middle class and working people in the US and around the world.”

Former Federal Reserve chairman Yellen said in a Bloomberg interview that President Joe Biden’s $ 4 trillion spending agenda would be positive for the country even if it led to a surge in interest rates. “If we had a slightly higher interest rate environment in the end, that would actually be a plus for society and the Fed,” said Yellen.

– The Associated Press contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

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