Table of Contents

• S&P 500

• Tesla

Top Stories Today

Economy & Finance

S&P 500

The S&P 500 rose on Thursday, achieving its fourth consecutive record close, up 0.23% to 5,433.74. The Nasdaq Composite also hit a record, advancing 0.34% to 17,667.56. These gains were driven by data indicating easing inflation pressures, with May's producer price index falling 0.2% against expectations of a 0.1% increase, following lower-than-expected consumer price index data for May. Additionally, the Federal Reserve maintained its interest rates but reduced its rate cut expectations for 2024. Broadcom surged over 12% after a strong earnings report and announcing a stock split, while Dave & Buster’s Entertainment fell nearly 11% due to missed revenue estimates. Other notable declines included Generac and Paramount Global, down 4.6% and 6.9%, respectively.

Technology

Tesla

Tesla is in the news today as its shareholders are set to approve Elon Musk's $56 billion pay package, signaling confidence in his leadership despite recent challenges. This comes after a vote that also included a proposal to move Tesla's legal home to Texas. Preliminary voting shows strong support for Musk's compensation, although it may face legal hurdles, including a critical Delaware judge who previously invalidated the package. Despite Tesla's stock dropping 60% from its 2021 peak, the shares rose 3.8% on Thursday. The pay package, tied to ambitious targets, aims to keep Musk focused on Tesla amid his commitments to other ventures like SpaceX and social media platform X. Shareholder approval is seen as an endorsement of Musk's pivotal role in Tesla's future.

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