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MARKETS LIVE BLOG:

S&P 500 HOLDS NEAR RECORD AS U.S. JOBS DATA SHOW MORE COOLING

Unemployment rate unexpectedly rose slightly to 4.1%, the highest level since November 2021

Midday movers: GameStop, Rent the Runway, Adobe and more

Investing.com
·1 min read

Investing.com -- Stocks are rising after higher-than-expected jobless claims ease concerns about another interest rate increase next week. Here are the market movers for June 8.

GameStop Corp (NYSE:GME) shares are down 17% a day after the video game retailer said it had dismissed its CEO and named shareholder Ryan Cohen as executive chairman. Sales in the recent quarter fell 11%. Rent the Runway Inc (NASDAQ:RENT) shares fell 15% after the clothing rental company gave a fiscal second-quarter sales outlook that was lower than expected but a full-year outlook that was roughly in line with expectations. Adobe Systems Incorporated (NASDAQ:ADBE) shares rose 4.9% after it said it was making its Firefly artificial intelligence tools available for big businesses. Carvana Co (NYSE:CVNA) shares jumped 43% after the online used car seller said it expects profit to improve. It forecast second-quarter earnings before taxes, interest, depreciation and amortization of more than $50 million. Semtech Corporation (NASDAQ:SMTC) shares rose 7% after the semiconductor supplier reported a surprise adjusted profit, with a new CEO starting in a few weeks.

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