Finance

U.S. stock index futures were little changed during overnight trading on Tuesday, after the S&P 500 closed just shy of a new record.Futures contracts tied to the Dow Jones Industrial Average advanced 28 points. S&P 500 futures were flat, while Nasdaq 100 futures gained 0.07%.All three major averages finished Tuesday’s session in the green, reversing losses from earlier in the session amid strength in the technology sector.The S&P 500 advanced 0.5%, to close just 0.2% away from a fresh all-time closing high. The Dow rose 163 points after earlier in the session falling more than 120 points. The Nasdaq Composite was the relative outperformer, hitting a new intraday all-time high and posting a 0.8% gain on the session for a new record close.Federal Reserve Chairman Jerome Powell testified before the House of Representatives on Tuesday, which appeared to lift sentiment as he reiterated that inflation pressures will be temporary.”Powell outlined how the inflation overshoot is from categories directly affected by reopening,” said Ed Moya, senior market analyst at Oanda. “He noted there is extremely strong demand and that the supply has been caught flat-footed.”In prepared remarks released Monday evening, the central bank chief reiterated that the economy is growing, although the threat of the pandemic is still present.For June the S&P 500 and Nasdaq Composite are in the green, rising 1% and 3.6%, respectively. The Dow, however, is in the red for the month amid weakness in Caterpillar and JPMorgan.Looking ahead, UBS said it maintains a “positive tactical view on stocks,” but that gains will be unevenly distributed.”We see potential in regional markets that lagged in the second quarter, particularly China and Japan, as well as among those companies and sectors most exposed to economic reopening, including energy, financials, and US small- and mid-caps,” the firm wrote in a recent note to clients. UBS said investors should take profits in some of the year-to-date winners that might have limited upside ahead, including real estate, consumer discretionary and industrial names.Bitcoin posted another volatile session on Tuesday, with the cryptocurrency at one point dipping below $30,000 and erasing its gains for 2021. But bitcoin ultimately recouped all of the more than 11% loss and finished the session in positive territory, according to data from Coin Metrics.Earnings season has mostly finished, but Winnebago is set to report quarterly results before the opening bell on Wednesday, while KB Home will post results when the market closes.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

In this articleGMESBHRCLCRWDPTONCOINA Peloton Interactive Inc. logo on a stationary bike at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.Adam Glanzman | Bloomberg | Getty ImagesCheck out the companies making headlines in midday trading.Peloton — Shares of the stationary bike company jumped 8.4% after announcing the launch of a corporate wellness program as Peloton aims to reach new users and grow its membership base. Businesses that sign up will be able to offer employees subsidized access to Peloton’s digital fitness membership and its high-end cycles and treadmills.GameStop — The video game retailer’s shares gained 10% after the company said it sold 5 million additional shares, raising $1.13 billion in capital to accelerate growth. The original Reddit-favorite meme stock jumped as much as 12.7% at one point as investors were encouraged by the move and looked past the dilution of their stakes. This is the second stock sale GameStop has offered since the trading mania.MicroVision — The laser technology company saw its share price sink 10.6% after it said it would sell up to $140 million of stock “from time to time” and use the funds to general corporate purposes.MicroStrategy — MicroStrategy shares closed 5% lower after the price of bitcoin briefly fell below the $30,000 level Tuesday morning. The business intelligence firm holds a significant amount of bitcoin in its corporate treasury; the company announced it owned over 100,000 bitcoins after its latest purchase Monday.Coinbase — Shares of Coinbase fell nearly 2% following bitcoin’s price decline, but closed nearly unchanged amid bitcoin’s comeback. Coinbase is the largest cryptocurrency exchange in the U.S.Nvidia — Shares of the chipmaker rose 2.5% after Raymond James reiterated its “strong buy” rating on the stock and hiked its price target to $900 per share from $750. Analyst Chris Caso said even considering Nvidia’s 23% rally over the last month, the company is showing signs of momentum and should be set for strong performance in several of its business segments in the quarters ahead.CrowdStrike — Shares of CrowdStrike jumped 8% after Stifel upgraded the cybersecurity stock to a buy rating. Stifel hiked its price target for CrowdStrike to $300 per share, 26% higher than the stock’s closing price on Monday.Sally Beauty Holdings — Shares of the beauty retailer rose jumped 13.6% after Cowen and Oppenheimer upgraded the stock to outperform. The investment firms said in separate notes to clients that the stock looked attractive after a recent slide, with Cowen highlighting Sally Beauty’s improvements during the pandemic.Cruise lines — Shares of cruise lines retreated. Royal Caribbean and Carnival dropped about 2%, while Norwegian slid about 1.7%.Airlines — Airline stocks also took a hit. American Airlines, and Alaska Air Group each dipped more than 1% while United Airlines and Delta Air Lines shed about 0.9%.— CNBC’s Yun Li, Maggie Fitzgerald, Tom Franck and Jesse Pound contributed reportingBecome a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today More

Getty ImagesAfter saving up for decades to retire, many Americans are excited to finally stop working and enjoy their free time.Yet for some, switching to a spending mindset after being so focused on saving can be a difficult transition.”There’s a lot of unknows and if there hasn’t been detailed planning or a high-level overview, someone might enter retirement with a lot of stress and anxiety,” said Anjali Jariwala, certified financial planner, CPA and founder of FIT Advisors in Torrance, California.Many retirees don’t want to spend down all their assets. Instead, they want to preserve or even grow them during retirement. On average, nearly 47% said they plan to spend none or just a small portion of their accounts, according to an April study from the Employee Benefit Research Institute. The group surveyed 2,000 households aged 65 to 72 with less than $1 million in financial assets.More from Invest in You:As ‘buy now, pay later’ apps become more popular, proceed with cautionHow inflation will dip into your pocket and what you can do about itLack of workers is hurting businesses’ ability to keep up with demand”People are trying to hold onto their money because it makes them feel more secure to see a pile of money,” said Steve Vernon, a consulting research scholar at the Stanford Center of Longevity. “I like to call it Scrooge McDuck syndrome.”About 40% expected to spend down all or a significant portion of their assets in retirement, and about 14% wanted to grow their accounts during that period.Of course, having money left over when you die isn’t necessarily a bad thing — some people want to leave t family members with an inheritance, for example. On the flip side, you can miss out on enjoying retirement if you don’t have a spending plan that’s tailored to your needs.Here’s what financial planners recommend.Start with what you haveIn the years before you retire, first make sure you know what money you have to draw on when you do stop working.”If someone is approaching retirement, they should do a good audit of all their accounts and make sure that they are mindful of everything that’s out there,” said Jariwala, adding that this includes retirement savings such as individual retirement accounts, 401(k) plans, pensions and Social Security.Larger assets such as real estate should also be included, according to Vernon, as they can also be tapped for money to spend in retirement.Determine a spending planOnce you have a good overview of the money you have to spend, take a look at where you spend cash now and determine how you’d like that to either shift or stay the same in retirement, said Diahann Lassus, a CFP and managing principal at Peapack Private Wealth Management in New Providence, New Jersey.”That doesn’t mean that you have to get so far down in the weeds that you hate it; it means you need to have an understanding of the larger categories of where your dollars are going,” she said.Many assume that their expenses will go down in retirement — some plan for about 80% of their pre-retirement spending — but that isn’t always the case, said Lassus. Those who retire earlier may see expenses stay the same as they have more time to devote to activities they enjoy, such as traveling.It’s also important to include a rainy-day fund, as well as money for long-term care, which might increase in cost as you age.In addition, people should identify places where they can trim their budget in retirement. For many, housing is their largest cost and one of the easiest to lower by moving to a state with lower taxes or downsizing.Set up a process for drawing down accountsOnce you know your retirement budget, it makes sense to set up withdrawals from different accounts in a way that will cover your expenses comfortably.”I’ve always liked the idea of setting up paychecks to last the rest of your life, and then just spending the paycheck each month,” said Vernon. “It’s how much you can spend and feel safe about.”  Strategically deciding which funds to draw from which accounts help ensure you still have some assets growing to protect against changes in your spending plan or things such as inflation, which has ticked up.”The more you can kind of plan and have everything outlined, I think the more comfortable someone will feel,” said Jariwala. This includes considering the historically low tax rate, potential for market volatility, which accounts you have that are set up for regular withdrawals and when you can begin to tap them.For example, some accounts such as pensions or annuities have fixed amounts that you’ll get over time. While this helps you budget, the value of these payments will be eroded by inflation. Other benefits, such as Social Security, increase with inflation and so will tick up, and it makes sense to wait to start using them.That means many will have a gap between retirement and taking Social Security, meaning they will likely need to draw on other assets such as a 401(k) or IRA first.Be flexible  It might take a few years to settle into a retirement spending plan that works for you. This is especially true for those retiring during or near the pandemic, as well as those who are younger and more active when they retire.”Coming into this year it’s like ‘oh I can do this, it’s really easy, I just haven’t been spending,'” said Lassus, adding that the reality is that spending will go up for most post-pandemic.  People should continue to check in with their spending plans and financial professionals, if they work with them, to make sure they’re on track in retirement and make any adjustments as necessary. Jariwala recommends doing an overview at least once a year, if not more.Having regular check-ins can help make sure you make big financial decisions — such as relocating — when you’re earlier in retirement, as opposed to in your 80s, said Jariwala.SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.CHECK OUT: How to make money with creative side hustles, from people who earn thousands on sites like Etsy and Twitch via Grow with Acorns+CNBC.Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. More

[The stream is slated to start at 2 p.m. ET. Please refresh the page if you do not see a player above at that time.]Federal Reserve Chairman Jerome Powell testifies Tuesday before the House Select Subcommittee on the Coronavirus Crisis. The appearance is congressionally mandated from the authority provided to the Fed and Treasury Department at the onset of the Covid-19 pandemic.In prepared remarks to the committee, Powell cited strong economic improvement and said inflation had increased “notably” but likely will fade over time.”Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery,” he said. “Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades Much of this rapid growth reflects the continued bounce back in activity from depressed levels.”The Federal Open Market Committee last week upgraded its economic forecasts and brought forward its anticipation of the first rate hikes to 2023. However, policymakers have stressed that risks remain to the path ahead.Subscribe to CNBC on YouTube.  More

In this articleGMEA GameStop store is pictured in New York, January 29, 2021.Carlo AllegriI | ReutersGameStop shares climbed after the videogame retailer said it sold five million additional shares, raising $1.13 billion in capital to accelerate growth.The original Reddit favorite meme stock jumped 9% in premarket trading on Tuesday after the company announced the completion of its at-the-market equity offering program that was initially disclosed on June 9. GameStop said it will use the proceeds for general corporate purposes as well as for investing in growth initiatives and maintaining a strong balance sheet.This is the second stock sale that GameStop has conducted since the company became a star on Reddit’s WallStreetBets forum where retail traders aimed to push stock price higher and squeeze out short-selling hedge funds. GameStop sold 3.5 million additional shares in April and raised $551 million.Investors have been encouraged by the moves and looked past the dilution of their stakes as GameStop took advantage of its monstrous rally this year to speed up its e-commerce transformation. The stock has advanced over 960% in 2021.White Square Capital, a London-based hedge fund, is closing its main fund and returning capital after suffering losses from betting against GameStop, the Financial Times reported on Tuesday. Earlier this month, GameStop named former Amazon executive Matt Furlong as its new CEO.  The company also hired several other former Amazon executives, including Jenna Owens, its new chief operating officer; Matt Francis, its first chief technology officer; and Elliott Wilke, its chief growth officer.For its fiscal first quarter, GameStop reported narrower-than-expected losses per share and revenue that topped Wall Street estimates. As of May 1, GameStop said, it had paid off its long-term debt and no longer had any borrowings under its asset-based revolving credit facility.Enjoyed this article?For exclusive stock picks, investment ideas and CNBC global livestreamSign up for CNBC ProStart your free trial now More

LONDON — Mollie was a relatively little-known company before Covid-19. Now, it’s one of Europe’s biggest fintechs.The Amsterdam-based online payments processor finally became a “unicorn” valued at more than $1 billion in September, more than a decade after it was founded by Dutch entrepreneur Adriaan Mol in 2004.On Tuesday, Mollie announced it had raised $800 million in a mega financing round valuing the company at $6.5 billion. That makes it the third-largest fintech unicorn in Europe after rival firm Checkout.com, according to CB Insights data.Mollie’s founder said the company originally got its start as a text messaging business, but soon pivoted to payments after trying to integrate its own system for clients to pay their invoices.”I was amazed at how badly that was built by the traditional banks,” Mol told CNBC last year. “We created this abstraction layer to the complex systems of the banks. That was the start of our payment business.”Shane Happach, who recently took over from Mol as CEO, said the company opted to grow organically for several years before taking external funding for the first time in 2019. A year later, Mollie raised $100 million in a round led by growth-stage tech investor TCV.After that deal, Mollie was soon flooded with offers from investors, Happach said.Dutch fintech start-up Mollie’s payments platform in action.Mollie”We’re trying to build a $100 billion company,” he told CNBC. “We know that takes a long time. It’s capital-intensive.”Mollie’s latest investment round, a Series C, was led by Blackstone’s growth equity investing unit. EQT, General Atlantic, HMI Capital and Alkeon Capital also invested.Fierce competitionCompetition in payments has intensified over the past decade, with fintech players like Stripe, Jack Dorsey’s Square and Netherlands-based Adyen all vying for a bigger share of the $2 trillion market.Unlike its American rivals, Mollie says it mainly focuses on transactions with small businesses in Europe.”A lot of the bigger players in online payments come out of the U.S., like PayPal,” Happach said. “Even Visa and Mastercard are U.S. companies.””A lot of investors don’t have a bet on Europe,” he added. “Mollie’s one of those unique assets that offers exposure.”Stripe, which was last privately valued at $95 billion, raised hundreds of millions of dollars earlier this year to expand further in Europe. The company is dual-headquartered in San Francisco and Dublin.Mol said his firm’s service is more “localized” than Stripe’s and not targeted at enterprise clients, unlike Adyen and Checkout.com. Onboarding smaller merchants requires “complex” compliance checks which some competitors don’t want to focus on, he added.A big bet on European techLast week, French President Emmanual Macron said he hoped that Europe will produce at least 10 companies worth 100 billion euros each by 2030. European start-ups have raised 45.9 billion euros so far this year, according to Dealroom data, already surpassing total investment for all of 2020.”This investment underlines Blackstone’s confidence in Europe as a place for high growth companies to thrive,” Paul Morrissey, Blackstone Growth’s European investing lead, said in a statement.Mollie, which says it’s profitable, plans to use the fresh funding to expand internationally, both within Europe in countries like the U.K., and in other regions like Asia and Latin America. The start-up also wants to increase its headcount from 480 employees to 780 in the next six to nine months.Digital payments got a big boost from coronavirus lockdown restrictions as more retailers moved operations online. Mollie said it processed more than 10 billion euros in transactions in 2020 and is on track to handle more than 20 billion euros in payment volume by the end of this year.Mollie says it has 120,000 monthly active merchants and is signing up around 400 to 500 new customers a day. The company’s clients include U.K. food delivery app Deliveroo and fitness apparel brand Gymshark. More

Take a look at some of the biggest movers in the premarket:GameStop (GME) – The videogame retailer’s stock jumped 6.8% in the premarket after it had announced it had completed a previously announced sale of 5 million common shares, raising $1.126 billion.MicroVision (MVIS) – MicroVision shares slid 10.8% in the premarket after the laser technology company said it would sell up to $140 million of stock “from time to time” and use the funds for general corporate purposes.Sanderson Farms (SAFM) – Sanderson Farms is exploring a possible sale, according to people familiar with the matter who spoke to The Wall Street Journal. The paper said the poultry producer has already drawn interest from suitors such as agricultural investment firm Continental Grain. The stock surged 10% in premarket action.Torchlight Energy Resources (TRCH) – Torchlight shares gained another 4.9% in premarket trading after soaring 58% in Monday’s trading. The oil and gas producer is among the stocks getting increased social media attention on sites like Reddit and Stocktwits.Alphabet (GOOGL) – The European Union has opened a formal antitrust probe of Google’s digital ad practices. Part of the investigation will cover some of the same areas involved in a case filed by several U.S. states against the Alphabet operation last year.Korn Ferry (KFY) – The consulting firm reported quarterly earnings of $1.21 per share, beating the consensus estimate of 98 cents a share. Revenue topped Wall Street forecasts as well, boosted by its services that help businesses with organizational issues.Plug Power (PLUG) – The alternative energy provider lost 12 cents per share for its latest quarter, wider than the 8 cents a share loss analysts were expecting. Revenue also came in below estimates. The company said it was hurt by short-term issues – such as hydrogen shortages and the Texas freeze – which are abating in the current quarter. Plug Power shares gained 1.4% in premarket trading.Boeing (BA) – Boeing announced the departure of lobbyist and political strategist Tim Keating. No reason was given for Keating’s departure, though the company said a search is underway for a permanent replacement. Keating was a key figure helping Boeing navigate the crisis that followed two fatal crashes of the company’s 737 Max jet.Delta Air Lines (DAL) – Delta plans to hire 1,000 more pilots by next summer, according to an internal company memo. The move comes amid a rebound in travel, with Delta saying the leisure travel is already back to pre-pandemic levels and business travel is picking up as well.Lordstown Motors (RIDE) – Lordstown remains on watch today following a 5.5% Monday drop. The electric vehicle maker’s executive chairman Angela Strand said the company is “evaluating strategic partners” as part of its search for new funding.Exxon Mobil (XOM) – Exxon Mobil is denying a Bloomberg report that it plans to cut 5% to 10% of its office workforce annually over the next three to five years. Exxon told CNBC it is merely going through its annual employee assessments, which are unrelated to workforce reductions.CrowdStrike (CRWD) – CrowdStrike was upgraded to “buy” from “hold” at Stifel Financial, which points to the cybersecurity company’s potential to increase profit margins and its ability to acquire new customers. CrowdStrike gained 2.8% in the premarket. More

U.S. stock futures opened slightly higher on Monday night after the Dow Jones Industrial Average posted its best day since March.Dow Jones Industrial Average futures rose by 25 points, or 0.07%. S&P 500 and Nasdaq 100 futures climbed 0.08% and 0.01%, respectivelyDuring the regular session, the Dow rose 586.89 points, or 1.76%. The S&P 500 ended the day up 1.4% and the Nasdaq Composite rose 0.79%.The indexes recouped some of last week’s steep losses when the Federal Reserve’s updated projections on inflation cued a sell-off. Commodity stocks like Devon Energy and Occidental Petroleum led the market comeback Monday after being hit hard last week. Norwegian Cruise Line and Boeing stocks climbed more than 3% as the economy continues to reopen.”Stocks staged a strong rebound on Monday, although all the S&P did was recoup its decline from Friday,” according to Vital Knowledge’s Adam Crisafulli. “Cyclical stocks may have rebounded on Monday, but they are still in a downtrend and investors should use rallies to book profits.”Federal Reserve Chairman Jerome Powell will testify before the House of Representatives Tuesday on the central bank’s response to the pandemic. His remarks, which were released ahead of the hearing Monday evening, are likely to support the notion that the Fed is ready to soon start discussing removing some of its unprecedented stimulus measures enacted during the pandemic.”Since we last met, the economy has shown sustained improvement,” Powell will say Tuesday, according to the Fed release. “Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery. Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades.””Inflation has increased notably in recent months,” Powell will say. But the Fed chief will note that most of those are a temporary effect and that inflation should settle back to 2% over the long term.On Tuesday morning the Federal Reserve Bank of Philadelphia will release its non-manufacturing business data, the National Association of Realtors will publish existing home sales data for May and the Federal Reserve Bank of Richmond will release the results of its monthly Survey of Manufacturing Activity. More