The S&P 500 opened modestly higher today as the shortened trading week kicked off. The broad index saw a slight increase of 0.2% shortly after 9:30 a.m. ET, with the Nasdaq Composite climbing 0.5% while the Dow slipped 0.3%.
In other news, silver is on track for its best month since 2020, with the metal climbing nearly 20% so far in May. This marks its third straight positive month and its best monthly performance since July 2020. The Global X Silver Miners ETF (SIL) also saw a significant increase of more than 3% in Tuesday’s premarket trading.
Apple shares rose nearly 2% in premarket trading following data indicating a recovery in China. iPhone shipments in China jumped about 52% in April from a year ago, according to UBS analysis. However, the firm cautioned that these figures can be volatile and investors should not draw conclusions based on this month’s stats alone.
T-Mobile announced a deal to acquire U.S. Cellular’s wireless operations and 30% of spectrum assets for $4.4 billion. The agreement includes cash and up to $2 billion in unassumed debt, with the deal expected to close in mid-2025. Shares of U.S. Cellular rose 7% in market trading, while T-Mobile was down less than 1%.
GameStop shares surged nearly 27% following the company’s announcement of a $933.4 million stock sale. Nvidia also saw a 3% jump in premarket trading, continuing its post-earnings rally after reporting strong quarterly results last week. Norwegian Cruise Line Holding rose 3% after an upgrade to buy from neutral at Mizuho.
Overall, the markets saw varied performance last week, with the Nasdaq Composite gaining 1.4%, the Dow falling 2.3%, and the S&P 500 finishing marginally above flat. Stay tuned for more updates on the latest market trends and developments.
