Stock market today: Live updates

Stocks faced further pressure on Tuesday, with all three major indexes opening lower and continuing a slow start to June.

The Dow Jones Industrial Average fell 165 points, or 0.4%. The S&P 500 ticked down 0.2%, while the Nasdaq Composite slipped 0.1%.

— Brian Evans

Las Vegas-based Axos Financial tumbled 17% premarket Tuesday after Hindenburg Research issued a report telling readers Axos faces “glaring commercial real estate loan problems,” has been a “lax” underwriter of loans at the same time as the bank is “priced-for-perfection bank.” Hindeburg said it opened a short position in Axos.

Axos beat analyst earnings estimates when it reported fiscal third quarter results at the end of April. Per share earnings excluding one-time items came in at $1.94 against a consensus estimate of $1.70, while net interest income totaled $261.6 million against forecasts of $247.9 million and net interest margin reached 4.87% vs a FactSet consensus of 4.74%.

Axos is down 4% in 2024 after soaring 43% in 2023.

Shares of GameStop fell about 5% in premarket trading Tuesday following a 21% rally in the previous session.

Meme stock leader Keith Gill,  whose handle is “DeepF——Value” on Reddit and “Roaring Kitty” on YouTube and X, appeared to hold onto his 5 million shares of GameStop and 120,000 call options, according to a new screenshot he shared on Reddit after the bell Monday.

The value of his common stock stake alone jumped to $140 million from $115.7 million in a single day.

— Yun Li

Here are the stocks on the move before the bell:

• Intel — Shares rose more than 1% in the premarket after the company announced new artificial intelligence chips aimed at competing with those from rivals Nvidia and AMD.
• GameStop — GameStop slipped 2% following a 21% rally on Monday amid speculation that meme stock trader Keith Gill could hold a major position in the video game retailer. The Wall Street Journal reported that E-Trade is weighing Gill from the platform due to market manipulation concerns.
• Bath & Body Works — Shares of the home fragrance and personal care retailer dropped 9%. Bath & Body Works topped first-quarter earnings and revenue estimates but shared disappointing guidance for the current period.

Read the full list here.

— Samantha Subin

Intel shares rose more than 1% in the premarket after the company announced new artificial intelligence chips aimed at competing with those from rivals Nvidia and AMD. Despite the AI boom, Intel is down nearly 40% year to date, while Nvidia and AMD are up 132% and 11% in that time, respectively.

— Fred Imbert

CNBC has learned through sources that Alphabet is cutting at least 100 jobs from several teams across its fast-growing cloud unit. Employees were notified of the layoffs last week, with roles in sales, consulting and other departments being eliminated.

Alphabet shares were down 0.4% in the premarket.

— Jennifer Elias, Fred Imbert

European markets opened lower Tuesday, as positive momentum over the past few days falters.

The pan-European Stoxx 600 was down 0.23% in opening trade, with all major bourses and the vast majority of sectors in the red. The U.K.’s FTSE 100 was down 0.33% at 8,235, Germany’s DAX 0.37% lower at 18,538, France’s CAC down 0.35% at 7,970 and Italy’s MIB 0.5% lower at 34,490.

— Shreyashi Sanyal, Charmaine Jacob

South Korea’s consumer inflation slowed in May, official data showed, with the pace of increase coming in below expectations.

The consumer price index increased 2.7% in May from a year ago, rising at its slowest pace since July, according to LSEG data.

The number was also smaller than a 2.9% increase in April and a gain of 2.8% expected by a Reuters poll of economists.

South Korea’s core CPI, which excludes volatile food and energy products, gained 2.2% year-over-year in May.

— Shreyashi Sanyal

Goldman Sachs vice chairman and former Dallas Fed President Robert Kaplan told CNBC on Monday that he does not see a rate cut this summer unless something “shocking” happens.

“I think September is the first month where a cut is a possibility, but I think the Fed would need to see at least a few more months of improvement in inflation. If they see it, September is possible,” Kaplan said on “Closing Bell.”

The central bank’s next policy decision is due out June 12.

— Jesse Pound

Shares of GameStop were up 3% in after-hours trading, building on a 21% gain during regular market hours.

The latest move came after another Reddit post that appeared to be from Keith Gill, aka Roaring Kitty. The post appeared to show that Gill still holds his GameStop shares and call options positions in the stock after Monday’s rally.

CNBC has not independently verified the Reddit post.

— Jesse Pound, Yun Li

The futures contracts for the Dow, S&P 500 and Nasdaq 100 were all up less than 0.1% when trading reopened on Monday evening.

— Jesse Pound