Carl Quintanilla, Jim Cramer and David Faber kicked off the show by highlighting another volatile day for the so-called "meme stocks": Chamath Palihapitiya's Clover Health surges to a new record high while Wendy falls after Stifel downgraded the stock to "Hold" from "Buy". The anchors explored what's next for both the new and old Reddit-fueled stocks. They also discussed the Senate's bipartisan passage of a $250-billion bill aimed at countering China's tech ambitions and boosting semiconductor production in the United States. Speaking of the government: The IRS says it is investigating the release of wealthy Americans' tax information in wake of ProPublica publishing details about the reported income and tax payments of multi-billionaires such as Jeff Bezos and Warren Buffett. Also in focus: Shares of Campbell Soup tumble on the company's weaker-than-expected quarterly results, Merck agrees to supply the U.S. government with its oral antiviral treatment for COVID, Why yields are falling as the S&P 500 is within striking distance of a record intraday high, and Lordstown Motors shares take a big hit after the electric truck maker said there was "substantial doubt" about its ability to continue as a going concern. The anchors reflected on what Lordstown's CEO told CNBC back in March about how "we never said we had orders".

Broadcast on:

09 Jun 2021