KEY MARKET UPDATES BEFORE THE OPENING BELL

The S&P 500 surged 0.85% to close above 5,400 for the first time.
The Nasdaq Composite climbed 1.53%, reaching a new record high.
The Dow Jones Industrial Average slightly dipped by 0.09%.
Investors were buoyed by the Federal Reserve's acknowledgment of "modest further progress" toward its 2% inflation target, despite no change in interest rates.

The Federal Reserve indicated only one rate cut is expected before the end of the year, a reduction from the three cuts projected in March.
The key interest rate remains unchanged at 5.25%-5.5%.
The consumer price index (CPI) for May showed no increase month-over-month but a 3.3% rise year-over-year.
Fed Chair Jerome Powell emphasized ongoing caution, stating that current conditions don't justify loosening policy.

Broadcom exceeded earnings expectations for its second fiscal quarter and raised its annual sales forecast.
The company announced a 10-for-1 stock split, effective July 15, causing a 13% jump in premarket trading.
Broadcom's AI product sales significantly contributed, with $3.1 billion in revenue for the quarter.

Sony Pictures acquired the dine-in movie theater chain Alamo Drafthouse, marking the first major studio purchase of a theater chain since a 2020 rule change.
Alamo Drafthouse, the seventh-largest chain in North America, emerged from Chapter 11 bankruptcy in 2021 with private equity backing.

GameStop shares experienced a significant sell-off, coinciding with high trading volume in call options associated with Keith Gill, known as "Roaring Kitty."
Speculation arises whether Gill is behind the sell-off, as he last disclosed his position on Monday.
With 93,266 call contracts traded, questions remain about Gill's ability to exercise these options set to expire on June 21.
GameStop’s annual meeting is scheduled for Thursday morning, adding to the trading activity.

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