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<ul><li><keyword id="1367930" type="COMPANY" weightage="60" keywordseo="ZoomInfo">ZoomInfo</keyword> Technologies priced its initial public offering at $21 Thursday, above its expected range. </li><li>Shares of ZoomInfo popped when it started trading Thursday, and surged as much as 100% at intraday highs. </li><li>It's the latest big-tech IPO of the year, showing signs of recovery in the market. </li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>Shares of ZoomInfo Technologies, ticker ZI, surged as much as 100% at intraday highs in their first-ever day of trading Thursday. Earlier in the day, the business-intelligence company priced its initial public offering at $21 per share, already higher than its expected range of $19 to $20 per share.The stock popped even more when it started trading Thursday, opening at $40 per share and surging to a high of $42 per share — more than double its IPO price — before paring some gains later in the day. ZoomInfo expected to raise as much as $890 million in the IPO on 44.5 million shares, <a href="https://www.sec.gov/Archives/edgar/data/1794515/000162828020008791/zoominfos-1a4.htm">according to a regulatory filing</a>. It's the latest big-tech listing of 2020, showing signs of recovery in the IPO market slammed by the coronavirus pandemic. On Wednesday, Warner Music Group, <a href="https://markets.businessinsider.com/news/stocks/warner-music-stock-price-first-day-trading-largest-ipo-group-2020-6-1029278221">so far the largest US IPO of the year</a>, gained as much as 20% in its first day of trading. Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-creative-funding-approach-josiah-smelser-2020-6">'I'm buying the property with 100% of other people's money': Here's the creative real-estate-investing strategy Josiah Smelser used to complete almost $4 million in deals over the last 12 months</a>The company joins <a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-exchange-nasdaq-debut-risks-new-confusion-zoom-video-2020-6-1029277574">two others with similar — and potentially confusing — names</a> listed on the public market. <a href="https://markets.businessinsider.com/stocks/zm-stock?utm_source=markets&amp;utm_medium=ingestgest">Zoom Video,</a> ticker ZM, has surged during the coronavirus pandemic as it became a top mode of communication amid sweeping lockdowns and people working from home.<a href="https://markets.businessinsider.com/stocks/zoom-stock?utm_source=markets&amp;utm_medium=ingestgest">Zoom Technologies</a>, ticker <keyword id="10296" type="ENTERTAINMENT" weightage="60" keywordseo="Zoom">ZOOM</keyword>, had trading temporarily suspended in March after posting outsized gains likely due to a name mix-up.

ZoomInfo surges 100% on its first day of trading

<ul><li><a href="https://markets.businessinsider.com/stocks/zi-stock">ZoomInfo's</a> founders Henry Schuck and Kirk Brown became <keyword id="6393637" type="UNKNOWN" weightage="60" keywordseo="Billionaires">billionaires</keyword> days after the company's shares began trading on the Nasdaq exchange, <a href="https://www.bloomberg.com/news/articles/2020-06-08/zoominfo-duo-become-billionaires-with-stock-doubling-since-ipo?srnd=markets-vp">Bloomberg reported on Monday</a>.</li><li>The business-intelligence firm's shares began trading publicly on Thursday at $21 each. Investors flocked to the debut, pushing the stock price as high as $42 before it closed at $34.</li><li>The stock continued to rally through Friday and Monday, ending Monday's session at $44.69.</li><li>Schuck holds a 10% stake in <keyword id="1367930" type="COMPANY" weightage="60" keywordseo="ZoomInfo">ZoomInfo</keyword>, while Brown owns 7.3% of the company.</li><li><a href="https://markets.businessinsider.com/stocks/zi-stock">Watch ZoomInfo trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/zi-stock">ZoomInfo's</a> three-day stock surge turned its founders Henry Schuck and Kirk Brown into billionaires, <a href="https://www.bloomberg.com/news/articles/2020-06-08/zoominfo-duo-become-billionaires-with-stock-doubling-since-ipo?srnd=markets-vp">Bloomberg reported on Monday</a>.The business-intelligence company's <a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-first-day-trading-nasdaq-ipo-tech-market-2020-6-1029282428">stock price doubled</a> in its trading debut on Thursday; shares began trading at $21 and spiked as high as $42 before closing at $34. Friday saw the rally continue, and on Monday shares closed even higher, at $44.69.The Nasdaq-hosted initial public offering raised more than $900 million for the company, signaling a strong bounce-back for the <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> market after issuances paused in the early days of the coronavirus pandemic.The post-offering upturn created a major windfall for the two founders. Schuck holds a 10% stake in ZoomInfo, while Brown owns 7.3% of the firm, <a href="https://www.sec.gov/Archives/edgar/data/1794515/000162828020008791/zoominfos-1a4.htm">according to a prospectus</a>.Read more: <a href="https://www.businessinsider.com/real-estate-investment-strategy-for-passive-income-syndication-kyle-marcotte-2020-6" target="_blank" rel="noopener">College dropout Kyle Marcotte became financially free at 21 years old after making just 2 real estate investments. Here's the strategy he used to ultimately accumulate 119 units.</a>"We built some really solid relationships going into the roadshow," Schuck told Bloomberg TV, adding that the founders "felt good" about pitching ZoomInfo to investors with a virtual roadshow instead of a more traditional event.The newly minted billionaires join a growing coalition of founders quickly growing richer through pandemic-era dealmaking. Len Blavatnik's net worth has soared by $9.1 billion since Warner Music Group, which he purchased in 2011, completed its IPO on Wednesday, according to Bloomberg. The label conglomerate's stock had leaped by 24% as of Monday's close.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-cash-rich-companies-for-recovery-2020-6" target="_blank" rel="noopener">'The real opportunity is in individual stocks': A Wall Street research chief shares 5 picks that are poised to thrive in a world after COVID — including a retailer that could double from today's levels</a>A similar jump for shares of the electric-truck maker Nikola pushed its founder Trevor Milton's net worth to $4.4 billion last week after the firm completed a reverse merger with VectoIQ, Bloomberg reported. Milton's fortune likely rose on Monday after Nikola shares <a href="https://markets.businessinsider.com/news/stocks/nikola-motors-stock-price-soars-setting-truck-reservation-date-competitor-2020-6-1029290291">rocketed 103%</a>.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/sp-500-erases-ytd-losses-investors-economic-reopening-recovery-coronavirus-2020-6-1029290367">S&amp;P 500 erases 2020 losses as investors bet on a swift economic recovery from the coronavirus</a><a href="https://markets.businessinsider.com/news/stocks/investors-stock-market-bets-may-coronavirus-recovery-tesla-tdameritrade-exposure-2020-6-1029290122">Investors boosted their stock-market bets in May for the first time in 4 months, TD Ameritrade says</a><a href="https://www.businessinsider.com/stock-market-investing-strategy-for-coroanvirus-recession-recovery-morgan-stanley-2020-6">MORGAN STANLEY: The stock market is entering a new phase of a playbook that's thrived in past recessions. Here's how to tweak your portfolio to take advantage.</a>

ZoomInfo founders become billionaires after stock more than doubles in 3-day rally

These 10 stocks have spiked more than 100% after IPOing this year

<ul><li><keyword id="1367930" type="COMPANY" weightage="60" keywordseo="ZoomInfo">ZoomInfo</keyword> is slated to begin public trading on Thursday, but recent history suggests it could see sharp volatility from confused traders.</li><li><a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Video</a>, the immensely popular videoconferencing company, has seen its shares skyrocket through the year as investors bet on stay-at-home stocks to outperform.</li><li>Yet <a href="https://markets.businessinsider.com/stocks/zoom-stock">Zoom Technologies</a>, a China-based firm with no exposure to the work-from-home trend, posted bigger gains, likely due to traders mixing up the two firms' tickers.</li><li>The SEC was forced to step in and <a href="https://markets.businessinsider.com/news/stocks/zoom-technologies-stock-halted-sec-confusion-with-zoom-video-coronavirus-2020-3-1029036453">temporarily halt trading</a> of <keyword id="618992" type="ORGANIZATION" weightage="60" keywordseo="Zoom-Technologies">Zoom Technologies</keyword> stock, <a href="https://www.sec.gov/litigation/suspensions/2020/34-88477.pdf">citing</a> "concerns about investors confusing this issuer with a similarly-named NASDAQ-listed issuer."</li><li>ZoomInfo, a business-information firm, plans to raise as much as $890 million when it begins trading on the <keyword id="6357328" type="UNKNOWN" weightage="60" keywordseo="nasdaq">Nasdaq</keyword> exchange, according to a <a href="https://www.sec.gov/Archives/edgar/data/1794515/000162828020008791/0001628280-20-008791-index.htm">regulatory filing</a>.</li><li><a href="https://markets.businessinsider.com/stocks/zm-stock">Watch Zoom Video trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/zm-stock">Zoom Video</a> and <a href="https://markets.businessinsider.com/stocks/zoom-stock">Zoom Technologies</a>, meet ZoomInfo.The latter company is expected to begin trading on the Nasdaq exchange on Thursday with an initial public offering raising as much as $890 million, according to a <a href="https://www.sec.gov/Archives/edgar/data/1794515/000162828020008791/0001628280-20-008791-index.htm">regulatory filing</a>. The business-intelligence company will trade with the ticker ZI and could spark a return of trader confusion that rocked two similarly named stocks in March.<keyword id="8996510" type="UNKNOWN" weightage="60" keywordseo="Zoom-video">Zoom Video</keyword>, the now-ubiquitous videoconferencing company, shot to stock-market stardom through the coronavirus pandemic as offices closed and workers turned to its service for remote meetings. The stock, which trades with the ticker <keyword id="9107675" type="UNKNOWN" weightage="60" keywordseo="zm">ZM</keyword>, is up roughly 229% year-to-date. <keyword id="10296" type="ENTERTAINMENT" weightage="60" keywordseo="Zoom">Zoom</keyword> Video's surging popularity was the likely cause for Zoom Technologies' leap and subsequent plunge.Read more: <a href="https://www.businessinsider.com/stock-market-investing-what-to-buy-bank-of-america-indicator-2020-6">A proprietary Bank of America indicator points to 20%-plus gains in the stock market over the next year. Here's what the firm recommends buying now ahead of the rally.</a>Zoom Technologies, which traded over-the-counter with the ticker ZOOM, enjoyed even steeper gains in March despite having no exposure to the videoconferencing business. The China-based firm saw its stock price spike roughly quintuple from March 18 to March 20 before plummeting just as much over the following four days.It's likely traders looking to mint profits from Zoom Video's soaring demand mistakenly bought Zoom Technologies before realizing their error and dumping the shares.Zoom Technologies' volatility even alerted the Securities and Exchange Commission, <a href="https://markets.businessinsider.com/news/stocks/zoom-technologies-stock-halted-sec-confusion-with-zoom-video-coronavirus-2020-3-1029036453">which temporarily suspended ZOOM trading</a> on March 26. The agency <a href="https://www.sec.gov/litigation/suspensions/2020/34-88477.pdf">cited</a> "concerns about investors confusing this issuer with a similarly-named NASDAQ-listed issuer."Read more: <a href="https://www.businessinsider.com/how-to-invest-us-economy-reopening-market-strategy-from-glenmede-2020-6" target="_blank" rel="noopener">A $40 billion wealth-management firm says the US economy is only 19% recovered from the pandemic — and lays out a winning investing strategy in the wake of a massive stock-market rally.</a>Zoom Technologies has since fallen below its pre-pandemic lows and changed its ticker to ZTNO.Time will tell if ZoomInfo can similarly benefit from the frenzy for Zoom Video shares. The videoconferencing firm surged as much as 6% on Tuesday after announcing in its first-quarter report it <a href="https://markets.businessinsider.com/news/stocks/zoom-expects-200-revenue-300-profit-growth-5-charts-2020-6-1029277092#zoom-expects-nearly-200-revenue-growth1">expects 200% revenue growth and 300% earnings growth</a> by January 2021.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/stock-picks-to-buy-25-high-upside-recommendations-goldman-sachs-2020-6" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 25 beaten-down stocks all poised to jump more than 18% from current levels</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-jobs-report-economic-reopening-2020-6-1029277044">US stocks gain as economic-reopening optimism continues to outweigh civil unrest</a><a href="https://markets.businessinsider.com/news/stocks/investors-buy-coronavirus-bonds-billions-pandemic-relief-outbreak-debt-market-2020-6-1029276937">Investors have plowed $151 billion into coronavirus bonds in a rush to stem pandemic damage</a><div type="image" title="ZOOM" height="793" width="1177" msid="76182221" hostid="261"></div>

ZoomInfo is set to join the Nasdaq exchange, risking new confusion among investors trading other Zoom-named stocks

<ul><li>Popular bankruptcy plays <a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> and <a href="https://markets.businessinsider.com/stocks/jcp-stock">JCPenney</a> plummeted as much as 38% and 34%, respectively, on Monday as investors secured massive gains.</li><li>Both stocks recently surged on <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002">an unexpected wave of interest from retail traders</a> looking for quick profit amid bankruptcy proceedings.</li><li>The heavy volatility drove both companies higher over the last two trading sessions. <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> leaped to $5.88 from 82 cents. <keyword id="1402916" type="COMPANY" weightage="60" keywordseo="JCPenney">JCPenney</keyword> shares nearly quadrupled to 65 cents from 19 cents.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock">Watch Hertz trade live here</a>.</li><li><a href="https://markets.businessinsider.com/stocks/jcp-stock">Watch JCPenney trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock">Hertz</a> and <a href="https://markets.businessinsider.com/stocks/jcp-stock">JCPenney</a> shares tanked on Tuesday after a monumental two-day rally fueled by swaths of carefree retail investors.The debt-ridden rental car company plunged as much as 38% soon after <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> opened before paring most losses. The retail giant slid 34% to intraday lows. Yet both major declines only erase some gains minted over the last few days.Both companies have seen outsized trading volume in recent sessions as retail investors turn to newly bankrupt companies to ride a wave of volatility. Shareholders historically lose out when firms go bankrupt. Yet <a href="https://robintrack.net">Robintrack</a>, a website that tracks trading activity on popular discount brokerage Robinhood, <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002">shows investors flocking to the firms</a> and their extremely low share prices.Read more: <a href="https://www.businessinsider.com/real-estate-investment-strategy-for-passive-income-syndication-kyle-marcotte-2020-6">College dropout Kyle Marcotte became financially free at 21 years old after making just 2 real estate investments. Here's the strategy he used to ultimately accumulate 119 units.</a>Hertz traded around 82 cents as recently as June 3 after nosediving through the coronavirus pandemic and its late-May bankruptcy filing. The announcement drove a doubling of Robinhood users holding Hertz shares, and a continued rally from Thursday to Monday's close placed shares as high as $5.88 each.JCPenney experienced a similar boost. After trading as low as 19 cents on Thursday, the stock doubled on Friday and soared even higher, to 65 cents, by Monday's close. The chain filed for bankruptcy on May 15, leaving experts flummoxed by the sudden explosion in retail interest.The unconventional strategy relies on short-term gains or a miraculous recovery from heavy indebtedness. Bankruptcy proceedings often prioritize repayment of lawyers, suppliers, and bondholders before shareholders see a penny. The unexpected influx of retail traders defied convention and baffled more experienced investors, including industry giants like Carl Icahn.The billionaire investor <a href="https://markets.businessinsider.com/news/stocks/investor-carl-icahn-sells-entire-hertz-stake-2-billion-loss-2020-5-1029240688?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest#:~:text=Carl%20Icahn%20dumped%20his%2039,week%2C%20a%20financial%20filing%20showed.0showed.">dumped a 39% stake in Hertz</a> in late May when shares traded at 72 cents each. The sale represented a nearly $2 billion loss, yet in two weeks, the firm's shares rocketed more than 540%. Where Icahn lost, <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-betting-stocks-against-veteran-investors-winning-buffett-icahn-2020-6-1029289894?utm_source=markets&amp;utm_medium=ingestgest">tens of thousands of Robinhood investors won</a>. Hertz traded at $4.77 per share as of 12:55 p.m. ET Tuesday, down 70% year-to-date.JCPenney traded at 52 cents, down 53% year-to-date.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-founders-billionaires-tech-ipo-trading-debut-become-2020-6-1029292876">ZoomInfo founders become billionaires after stock more than doubles in 3-day rally</a><a href="https://markets.businessinsider.com/news/stocks/consumer-expectations-labor-market-improving-inflation-growing-federal-reserve-survey-2020-6-1029293720">Consumers grew more optimistic about jobs and finances in May, New York Fed says</a><a href="https://www.businessinsider.com/esg-investing-strategy-stock-picks-growth-fund-manager-karina-funk-2020-6">An environmentally conscious fund manager with a 5-year winning streak against the competition lays out how she's uncovering surprising growth, and her top 3 strategies for the future</a>

Popular bankruptcy stocks Hertz, JCPenney plummet as risk-loving investors cash out

<ul><li>US equities climbed on Wednesday as investors pointed to positive labor-market data as a new sign of smooth economic recovery.</li><li>Major indexes gained after <a href="https://www.businessinsider.com/us-private-payrolls-declined-million-may-less-expected-adp-jobs-2020-6">an ADP labor-market report</a> said US private payrolls fell by 2.76 million in May, far below economists' estimate of 9 million.</li><li><a href="https://markets.businessinsider.com/news/stocks/airline-stocks-price-trump-ban-china-passenger-flights-trade-war-2020-6-1029278170">Airline stocks jumped</a> after the White House <a href="https://www.businessinsider.com/trump-administration-to-ban-chinese-airlines-from-flying-to-us-2020-6?utm_source=markets&amp;utm_medium=ingestgest">banned Chinese airlines from operating passenger flights to the US</a> starting mid-June.</li><li>Oil prices fluctuated amid reports that <keyword id="47969" type="ORGANIZATION" weightage="60" keywordseo="Opec">OPEC</keyword> may cancel a Thursday meeting unless all members agree to concerted production-cut extensions.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>The <keyword id="6357440" type="DEFINITION" weightage="60" keywordseo="Stock-Market">stock market</keyword>'s June rally continued on Wednesday as growing hopes of a smooth economic recovery drowned out nationwide protests.Major indexes gained through the morning after an ADP labor-market report said US private payrolls <a href="https://www.businessinsider.com/us-private-payrolls-declined-million-may-less-expected-adp-jobs-2020-6">fell by 2.76 million in May</a>, less than one-third of the decline expected by economists. The reading was a steep decline from April's record slump of 19.6 million.Economists expected a far worse drop of 9 million jobs, suggesting Friday's jobs report could also defy estimates and further boost investor sentiment.Here's where US indexes stood soon at the 4 p.m. ET close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,122.87, up 1.4%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestdium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 26,269.89, up 2.1% (527 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestdium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 9,682.91, up 0.8%</li></ul>Read more: <a href="https://www.businessinsider.com/how-to-invest-us-economy-reopening-market-strategy-from-glenmede-2020-6" target="_blank" rel="noopener">A $40 billion wealth-management firm says the US economy is only 19% recovered from the pandemic — and lays out a winning investing strategy in the wake of a massive stock-market rally.</a>The <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> temporarily traded above its February 19 record close before ending the session just below the threshold. The S&amp;P 500 reached three-month highs, led by a bank-stock rally.A report from the Institute for Supply Management pointed to positive performance within the US service industry, easily the largest part of the nation's economy. The organization's non-manufacturing index <a href="https://www.businessinsider.com/service-industry-nearing-growth-economic-recovery-coronavirus-lockdowns-ease-ism-2020-6">jumped to 45.4 in May</a> from 41.8, remaining in contraction territory but turning higher after plunging on coronavirus woes. "We may be past the bottom and non-manufacturing activity may start to slowly improve in June, but we are still a long way from returning to pre-virus conditions," Gregory Daco, chief US economist at Oxford Economics, said. "Consumer and business confidence will play key roles in shaping the economic recovery."Read more: <a href="https://www.businessinsider.com/value-investing-strategy-warren-buffett-3-stock-picks-john-buckingham-2020-6?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener"></a><a href="https://www.businessinsider.com/stock-market-investing-what-to-buy-bank-of-america-indicator-2020-6">A proprietary Bank of America indicator points to 20%-plus gains in the stock market over the next year. Here's what the firm recommends buying now ahead of the rally.</a>Airlines <a href="https://markets.businessinsider.com/news/stocks/airline-stocks-price-trump-ban-china-passenger-flights-trade-war-2020-6-1029278170">outperformed the market upswing</a> after the White House <a href="https://www.businessinsider.com/trump-administration-to-ban-chinese-airlines-from-flying-to-us-2020-6?utm_source=markets&amp;utm_medium=ingestgest">banned Chinese airlines from operating passenger flights to the US</a> starting mid-June. The move follows the Department of Transportation accusing China of blocking US passenger flights. <a href="https://markets.businessinsider.com/stocks/alk-stock?utm_source=markets&amp;utm_medium=ingestgest">Alaska Air</a> led the group, gaining as much as 12% on the news.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Oil</a> erased early gains and hovered around little changed amid doubts on when OPEC will next meet. The global coalition is <a href="https://markets.businessinsider.com/commodities/news/oil-prices-market-opec-extensions-record-production-cuts-crude-russia-2020-6-1029272496">set to extend record production cuts</a> for at least another month. But leading members are have threatened to cancel a Thursday meeting unless the entire group agrees to a concerted extension, <a href="https://www.bloomberg.com/news/articles/2020-06-03/brent-crude-erases-gain-as-opec-meeting-in-doubt-over-cheating?srnd=markets-vp">according to Bloomberg</a>.Stocks have edged higher in June's early sessions despite new risks emerging from nationwide police-brutality protests and renewed US-China trade tensions.Nicholas Colas, a cofounder of DataTrek Research, said in a Tuesday note that while such rallies "<a href="https://markets.businessinsider.com/news/stocks/why-stock-market-rising-amid-nationwide-police-brutality-protests-2020-6-1029273996">may seem counterintuitive, and perhaps not even 'fair,'</a>" history holds several examples of investors looking past near-term strife to bet on surging corporate profits.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/stock-picks-to-buy-15-companies-profit-growth-goldman-sachs-2020-6" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 15 stocks for powerful profit growth after a historic rally leaves the market with little room for error</a><a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-exchange-nasdaq-debut-risks-new-confusion-zoom-video-2020-6-1029277574">ZoomInfo is set to join the Nasdaq exchange, risking new confusion among investors trading other Zoom-named stocks</a><a href="https://markets.businessinsider.com/news/stocks/investors-buy-coronavirus-bonds-billions-pandemic-relief-outbreak-debt-market-2020-6-1029276937">Investors have plowed $151 billion into coronavirus bonds in a rush to stem pandemic damage</a>

Dow surges 527 points as positive labor-market data overshadows nationwide protests

<ul><li><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> announced on Wednesday that it received a <keyword id="6370555" type="DEFINITION" weightage="60" keywordseo="Delisting">delisting</keyword> notice from the <keyword id="115417" type="CITY" weightage="60" keywordseo="New-York-Stock-Exchange">New York Stock Exchange</keyword> on May 26, days after filing for <keyword id="43550" type="EVENT" weightage="60" keywordseo="Bankruptcy">bankruptcy</keyword>.</li><li>The car-rental company appealed the notice and requested a hearing to maintain its spot on the exchange. <keyword id="187854" type="CITY" weightage="60" keywordseo="Hertz">Hertz</keyword> shares will continue to trade publicly pending the appeal.</li><li>"There can be no assurance ... whether there will be equity value in the Company's common stock" should it be delisted, Hertz said in a <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920071684/tm2022260-1_8k.htm">regulatory filing</a>.</li><li>Hertz shares are hot off a shocking rally fueled by a wave of risk-hungry retail investors. The stock rocketed from $0.82 on June 3 to $5.53 by the end of Monday's session.</li><li><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Watch Hertz trade live here</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/htz-stock?utm_source=markets&amp;utm_medium=ingestgest">Hertz</a> revealed in a Wednesday <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/47129/000110465920071684/tm2022260-1_8k.htm">regulatory filing</a> that it received a delisting notice from the New York Stock Exchange on May 26, four days after the company filed for bankruptcy.The car-rental chain appealed the notice and requested a hearing to prevent such a measure. <keyword id="9142890" type="UNKNOWN" weightage="60" keywordseo="hertz-stock">Hertz stock</keyword> will continue to trade on the NYSE pending the appeal. But the delisting threat adds to a pile of concerns for shareholders."There can be no assurance that the NYSE will grant the Company's request for continued listing at the hearing and whether there will be equity value in the Company's common stock," Hertz said in the filing.Read more: <a href="https://www.businessinsider.com/real-estate-investment-strategy-for-passive-income-syndication-kyle-marcotte-2020-6">College dropout Kyle Marcotte became financially free at 21 years old after making just 2 real-estate investments. Here's the strategy he used to accumulate 119 units.</a>Hertz shares have enjoyed a spike in volatility over recent sessions thanks to an unexpected influx of retail investors. The firm's bankruptcy announcement dragged shares below $1 in late May. Meanwhile, <a href="https://markets.businessinsider.com/news/stocks/robinhood-traders-bet-hertz-bankruptcy-stocks-despite-huge-risks-2020-6-1029292002?utm_source=markets&amp;utm_medium=ingestgest">small-money traders flocked to the beleaguered company</a>, betting on a wild price swing to net easy profits. The stock surged from $0.82 on June 3 to $5.53 by Monday's close — a 574% gain in less than a week.The unusual price action continued on Tuesday as the same investors cashed out from the high-risk position. Hertz <a href="https://markets.businessinsider.com/news/stocks/hertz-jcpenney-bankruptcy-stocks-prices-retail-investors-sell-market-robinhood-2020-6-1029294138">tumbled as much as 38%</a> before paring some losses through the day.The stock tumbled about 9% early on Wednesday following the delisting disclosure.Hertz closed at $4.18 on Tuesday, down 73% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/kyle-bass-high-risk-bet-hong-kong-currency-peg-collapse-2020-6-1029294349">Kyle Bass called the housing crash. Now he's launching a new fund that will reportedly use 200-times leverage to bet on a Hong Kong currency collapse.</a><a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-founders-billionaires-tech-ipo-trading-debut-become-2020-6-1029292876">ZoomInfo founders become billionaires after stock more than doubles in 3-day rally</a><a href="https://www.businessinsider.com/stock-market-investing-strategy-picks-themes-fund-manager-mitch-rubin-2020-6">A fund manager crushing 98% of his peers over the past half-decade told us 5 themes he's betting on and 4 he's betting against — and why the latest market rally still has room to run</a><div type="image" title="HTZ" height="781" width="1053" msid="76304576" hostid="261"></div>

Hertz reveals delisting notice from NYSE, placing fate of mad-dash rally in pending appeal

<ul><li>US <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> sank on Thursday as another dismal weekly jobless-claims report offset new economic stimulus efforts in Europe.</li><li>US jobless claims for the week that ended on Saturday <a href="https://www.businessinsider.com/us-weekly-jobless-claims-unemployment-filings-millions-layoffs-continue-coronavirus-2020-6" target="_blank" rel="noopener">totaled 1.9 million</a>, the Labor Department said. That exceeded the median economist estimate.</li><li>Continuing claims, which represent the aggregate total of people actually receiving unemployment benefits, also came in higher than expected.</li><li>Overseas, the European Central Bank boosted its emergency stimulus by $676 billion in an increased effort to combat the economic fallout of the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Read more on Business Insider</a>.</li></ul>US stocks sank on Thursday as yet another dismal jobless-claims report offset a new round of <a href="https://markets.businessinsider.com/news/stocks/coronavirus-stimulus-ecb-announces-further-676-billion-2020-6-1029280471?utm_campaign=browser_notification&amp;utm_source=desktopktop">emergency stimulus from the European Central Bank</a>.US jobless claims for the week that ended on Saturday <a href="https://www.businessinsider.com/us-weekly-jobless-claims-unemployment-filings-millions-layoffs-continue-coronavirus-2020-6" target="_blank" rel="noopener">totaled 1.9 million</a>, the Labor Department said. That slightly exceeded the <a href="https://www.businessinsider.com/us-weekly-jobless-claims-preview-economists-millions-filed-unemployment-benefits-2020-6" target="_blank" rel="noopener">median economist estimate</a>. Further, continuing claims — which reflect the aggregate number of Americans receiving unemployment benefits — totaled 21.5 million, more than economists expected and an increase from the previous week."This is a terrible number, but weekly jobless claims have been on the decline over the past few weeks," Mark Tepper, the CEO of Strategic Wealth Partners, told Business Insider. "The rise in continuing jobless claims is worrisome because it means people remained unemployed and didn't return to work."Here's where US indexes stood at the 4 p.m. ET market close on Thursday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,112.35, down 0.3%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 26,281.82, up 0.1% (12 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 9,615.81, down 0.7%</li></ul>Read more: <a href="https://www.businessinsider.com/3-part-long-short-investing-strategy-market-beating-mitch-rubin-2020-6" target="_blank" rel="noopener">Mitch Rubin's fund has used a unique approach to reap 26% returns and double client assets this year. He breaks down his 3-part process for deciding which stocks to buy — and what to bet against.</a>Overseas, the European Central Bank increased its stimulus efforts to combat the economic fallout from the coronavirus pandemic. The ECB pledged to <a href="https://markets.businessinsider.com/news/stocks/coronavirus-stimulus-ecb-announces-further-676-billion-2020-6-1029280471?utm_campaign=browser_notification&amp;utm_source=desktopktop">add $676 billion to its emergency stimulus efforts,</a> stepping up its bond-buying program and bringing the total package to more than $1.5 trillion.Amid the fluctuations, the tech-heavy <a href="https://markets.businessinsider.com/news/stocks/nasdaq-100-index-intraday-record-erases-stock-market-coronavirus-losses-2020-6-1029282191">Nasdaq 100 surged to an intraday record</a>. It's the <a href="https://markets.businessinsider.com/news/stocks/nasdaq-100-index-intraday-record-erases-stock-market-coronavirus-losses-2020-6-1029282191">first major US index</a> to erase all its losses from the coronavirus-induced market rout.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-creative-funding-approach-josiah-smelser-2020-6" target="_blank" rel="noopener">'I'm buying the property with 100% of other people's money': Here's the creative real-estate-investing strategy Josiah Smelser used to complete almost $4 million in deals over the last 12 months</a>Warner Music Group, which just completed the largest US initial public offering this year, slid roughly 3% in its second day of trading. <a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-first-day-trading-nasdaq-ipo-tech-market-2020-6-1029282428">ZoomInfo skyrocketed as much as 100%</a> in its first day of trading.Oil prices slid as traders speculated that a scheduled OPEC+ meeting wouldn't take place. The nations involved were expected to discuss a possible extension of production cuts. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> fell as much as 2.4%, to $36.38 per barrel. Brent crude, the international benchmark, sank 1.9%, to $39.04 per barrel, at intraday lows.The US government will release the May jobs report on Friday. Economists expect it to show that unemployment spiked to nearly 20% in the month, the highest since the 1930s, as the economy erased 8 million jobs.Read more: <a href="https://www.businessinsider.com/early-retirement-advice-expert-tanja-hester-shares-no-budget-strategy-2020-6" target="_blank" rel="noopener">'The system is not built to look after us': A former political consultant who retired at 38 shares her simple, 'non-budget' approach to mastering and growing wealth</a>

US stocks slide as dismal unemployment data offsets new economic stimulus

<ul><li>Airline stocks outperformed Wednesday's stock-market rally after the Trump administration <a href="https://www.businessinsider.com/trump-administration-to-ban-chinese-airlines-from-flying-to-us-2020-6">barred Chinese airlines from operating passenger flights to the US</a> starting in mid-June.</li><li><a href="https://markets.businessinsider.com/stocks/alk-stock">Alaska Air</a> led the group after leaping as much as 12%, while <a href="https://markets.businessinsider.com/stocks/ual-stock">United Airlines</a> followed close behind with an 11.8% climb.</li><li><a href="https://markets.businessinsider.com/stocks/aal-stock">American Airlines</a> and <a href="https://markets.businessinsider.com/stocks/dal-stock">Delta Air Lines</a> surged as much as 8.6% and 8.2%. <a href="https://markets.businessinsider.com/stocks/luv-stock">Southwest Airlines</a> gained 7.1%.</li><li>The ban followed the Transportation Department's accusing China of blocking US carriers and served as the latest escalation of trade tensions between the two nations.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>Airline stocks outperformed the broad market rally on Wednesday after the Trump administration <a href="https://www.businessinsider.com/trump-administration-to-ban-chinese-airlines-from-flying-to-us-2020-6">barred Chinese airlines from operating passenger flights to the US</a>.<a href="https://markets.businessinsider.com/stocks/alk-stock">Alaska Air</a> led the group, leaping as much as 12% through the session. <a href="https://markets.businessinsider.com/stocks/ual-stock">United Airlines</a> followed close behind, with an 11.8% climb to intraday highs. <a href="https://markets.businessinsider.com/stocks/aal-stock">American Airlines</a> and <a href="https://markets.businessinsider.com/stocks/dal-stock">Delta Air Lines</a> jumped as much as 8.6% and 8.2%, while <a href="https://markets.businessinsider.com/stocks/luv-stock">Southwest Airlines</a> gained as much as 7.1%.The <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500's</a> intraday high sat about 1.3% above its previous close.The ban, set to take effect on June 16, followed the Department of Transportation's accusing China of blocking US carriers from the country.Should the Civil Aviation Authority of China "adjust its policies to bring about the necessary improved situation for U.S. carriers, the Department is fully prepared to revisit the action it has announced in this order," the department said in its <a href="https://downloads.regulations.gov/DOT-OST-2020-0052-0014/attachment_1.pdf">Wednesday order</a>.Read more: <a href="https://www.businessinsider.com/stock-market-investing-what-to-buy-bank-of-america-indicator-2020-6">A proprietary Bank of America indicator points to 20%-plus gains in the stock market over the next year. Here's what the firm recommends buying now ahead of the rally.</a>Airline stocks have enjoyed their best streaks in months as traders bet on a smooth economic reopening and a pickup in travel demand. The sector staged numerous small rallies through March and April before falling further amid coronavirus-related travel bans. Most of the US airlines now trade at their highest levels since mid-March.The ban was President Donald Trump's latest retaliation against China as trade tensions have flared the most in months. China recently halted some imports of US farm goods, threatening a key element of the two nations' phase-one trade deal.Despite rising US-China stresses, stocks have gained through the month's first sessions as optimism about economic recovery has outweighed the risks of a renewed trade war. The Wednesday announcement helped drive indexes to intraday highs and bring the Nasdaq 100 mere points away from topping its record February 19 close.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/how-to-invest-us-economy-reopening-market-strategy-from-glenmede-2020-6">A $40 billion wealth-management firm says the US economy is only 19% recovered from the pandemic — and lays out a winning investing strategy in the wake of a massive stock-market rally.</a><a href="https://www.businessinsider.com/service-industry-nearing-growth-economic-recovery-coronavirus-lockdowns-ease-ism-2020-6">US service industry creeps toward growth as lockdowns ease, ISM report shows</a><a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-exchange-nasdaq-debut-risks-new-confusion-zoom-video-2020-6-1029277574">ZoomInfo is set to join the Nasdaq exchange, risking new confusion among investors trading other Zoom-named stocks</a>

US airline stocks surge as Trump suspends flights from China-based carriers

<ul><li>The <keyword id="3342573" type="PERSON" weightage="60" keywordseo="Nasdaq-exchange">Nasdaq exchange</keyword> overtook the <keyword id="115417" type="CITY" weightage="60" keywordseo="New-York-Stock-Exchange">New York Stock Exchange</keyword> in year-to-date <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo">IPO</keyword> fundraising last week after colossal debuts from <a href="https://markets.businessinsider.com/stocks/wmg-stock">Warner Music Group</a> and <a href="https://markets.businessinsider.com/stocks/zi-stock">ZoomInfo</a>.</li><li>Companies have raised roughly $12.2 billion with Nasdaq IPOs in the year-to-date, <a href="https://www.wsj.com/articles/nasdaq-overtakes-nyse-in-coronavirus-era-ipos-11591608600">The Wall Street Journal</a> reported Monday, besting NYSE's $10.9 billion in 2020 deals.</li><li>The Nasdaq also has the upper-hand in total deals completed, hosting 44 IPOs to its peer's 27.</li><li>IPO activity sharply declined in the first quarter as the coronavirus pandemic and heightened market volatility led firms to seek out other fundraising methods. </li><li>IPO activity has since rebounded as <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> turn higher and traders grow more optimistic toward economic recovery.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurlutm_campaign=bodyurl">Visit the Business Insider homepage for more stories</a>.</li></ul>Massive trading debuts for <a href="https://markets.businessinsider.com/stocks/wmg-stock">Warner Music Group</a> and <a href="https://markets.businessinsider.com/stocks/zi-stock">ZoomInfo</a> led the Nasdaq exchange to overtake the New York Stock Exchange in year-to-date <keyword id="136443" type="PERSON" weightage="60" keywordseo="initial-public-offerings">initial public offerings</keyword>.Newly public firms have raised $12.2 billion in Nasdaq-hosted IPOs in 2020, compared to $10.9 billion at the exchange's lower-Manhattan peer, <a href="https://www.wsj.com/articles/nasdaq-overtakes-nyse-in-coronavirus-era-ipos-11591608600">The Wall Street Journal</a> reported, citing data from Dealogic. The first week of June yielded a tremendous overtake for the Nasdaq exchange, as Warner Music Group raised more than $1.9 million in the biggest IPO of the year so far.Overall IPO activity plummeted from its 2019 frenzy as the coronavirus pandemic and recession risks push firms to raise capital elsewhere. Public debuts reached a standstill in late March as markets bottomed and resumed through May as investors revived risk-on attitudes.The Nasdaq exchange is leading on total deals completed as well, hosting 44 debuts to NYSE's 27. The latter exchange has hosted only one IPO in June, while the Nasdaq exchange featured Warner Music Group's along with seven others. ZoomInfo's June 4 Nasdaq offering took in more than $900 million, making it the seventh-largest IPO of 2020.Read more: <a href="https://www.businessinsider.com/stock-market-crash-new-bull-run-historical-checklist-not-met-2020-6">Stocks have met none of the 8 conditions that confirmed every new bull market in the post-war era — and one investment chief warns a relapse into a bear market is coming</a>The NYSE was also forced to withdraw one of its key draws for companies eyeing an IPO. The closing of its iconic floor kept companies from ringing the trading bell to celebrate their debuts. While virtual ceremonies served as a temporary replacement over the monthslong closure, firms weren't able to enjoy the fanfare and exposure tied to ringing the market's opening bell.The Nasdaq exchange's new lead, while vulnerable, suggests it could repeat its victory over the NYSE after taking the crown last year. The win <a href="https://markets.businessinsider.com/news/stocks/nasdaq-beat-new-york-stock-exchange-ipo-funds-raised-facebook-2019-12-1028755390">was Nasdaq's first</a> since it botched Facebook's trading debut in 2012.The NYSE will also need to sway firms on its lofty fees should it look to retake its throne. Companies listed on the Nasdaq exchange pay a fee as high as $159,000 annually depending on how many shares they issued. The same fees at the NYSE can land as high as $500,000 per year, according to The Journal.The race is still far from over. The NYSE is slated to host grocery chain Albertsons for its trading debut. The Nasdaq exchange is also set to bring the heat, with IPOs from Vroom and Lantern Pharma scheduled for June 11.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/jobs-report-unemployment-economy-bounce-stock-market-record-ed-yardeni-2020-6-1029288925">May's surprising jobs report sets stage for V-shaped recovery and fresh market highs, Wall Street bull Ed Yardeni says</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-risks-coronavirus-selling-shape-rally-expert-economy-2020-6-1029286759">A top market expert details how 6 factors that fueled the coronavirus crash will shape the stock market's recovery</a><a href="https://www.businessinsider.com/stock-picks-to-buy-11-companies-3-month-outperformance-ms-2020-6">MORGAN STANLEY: Buy these 11 stocks right now to reap the strongest possible market-beating returns over the next 3 months</a>

Nasdaq surpasses NYSE in IPO activity after triumphant start to June

<ul class="summary-list"><li>The US <keyword id="60380" type="PERSON" weightage="60" keywordseo="Service-industry">service industry</keyword>, easily the biggest component of the nation's <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword>, slowed its decline and inched toward growth in May, according to the <keyword id="105460" type="ORGANIZATION" weightage="60" keywordseo="Institute-for-Supply-Management">Institute for Supply Management</keyword>'s latest <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">report</a>.</li><li>The organization's non-manufacturing index climbed to 45.4 in May from 41.8. Its new orders index rose 9 percentage points to 41.9, and an index for business activity gained 15 percentage points to 41.</li><li>While readings below 50 still represent industry contraction, the May report suggests service sectors are stabilizing alongside economic reopenings.</li><li>The Wednesday release follows ISM's manufacturing report published Monday, which showed factory activity <a href="https://www.businessinsider.com/economic-outlook-ism-pmi-manufacturing-industry-stabilizing-may-coronavirus-recession-2020-6">similarly stabilizing through the month</a>.</li></ul>The biggest part of the US economy is slowly inching its way back to growth after plummeting amid <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> lockdowns.The Institute for Supply Management <a href="https://www.instituteforsupplymanagement.org/ISMReport/NonMfgROB.cfm?SSO=1">announced</a> Wednesday its non-manufacturing index climbed to 45.4 in May from 41.8. The organization's new orders index jumped 9 percentage points to 41.9, and its index for business activity gained 15 percentage points to 41.Any reading below 50 represents contraction throughout the industry, while a reading above the threshold indicates growth. Despite its upward trend, May's report ushered in the second month of service-industry shrinkage following a 122-month growth period.Read more: <a href="https://www.businessinsider.com/how-to-invest-us-economy-reopening-market-strategy-from-glenmede-2020-6">A $40 billion wealth-management firm says the US economy is only 19% recovered from the pandemic — and lays out a winning investing strategy in the wake of a massive stock-market rally.</a>Of the 28 services sectors tracked by ISM, 14 reported a decrease in May, including the educational services, wholesale trade, and utilities sectors. The four reporting growth through the month were agriculture and forestry, <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">finance</keyword> and insurance, public administration, and information."Respondents remain concerned about the ongoing impact of the coronavirus. Additionally, many of the respondents' respective companies are hoping and/or planning for a resumption of business," Anthony Nieves, ISM's Non-Manufacturing Business Survey Committee chair, said in the report.Despite the broadly optimistic report, ISM's index for service industry employment increased only 1.8 percentage points to 31.8. The reading signals lasting pain in business hiring through relaxed lockdowns. Friday's jobs report will further detail May hiring trends and is expected to peg the unemployment rate at roughly 20%.While the second quarter is expected to bear the brunt of the coronavirus' economic toll, ISM's latest reports suggest April may serve as the nation's trough before recovering. A separate report from the organization released Monday showed its manufacturing sector index <a href="https://www.businessinsider.com/economic-outlook-ism-pmi-manufacturing-industry-stabilizing-may-coronavirus-recession-2020-6">gaining to 43.1 in May from 41.5</a>, a similar turn higher from a sharp decline.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-exchange-nasdaq-debut-risks-new-confusion-zoom-video-2020-6-1029277574">ZoomInfo is set to join the Nasdaq exchange, risking new confusion among investors trading other Zoom-named stocks</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-jobs-report-economic-reopening-2020-6-1029277044">Dow soars 350 points as economic-reopening optimism continues to outweigh civil unrest</a><a href="https://www.businessinsider.com/stock-market-investing-what-to-buy-bank-of-america-indicator-2020-6">A proprietary Bank of America indicator points to 20%-plus gains in the stock market over the next year. Here's what the firm recommends buying now ahead of the rally.</a>

US service industry creeps toward growth as lockdowns ease, ISM report shows

Welcome to <keyword id="9075000" type="UNKNOWN" weightage="60" keywordseo="wall-street-insider">Wall Street Insider</keyword>, where we take you behind the scenes of the <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> team's biggest scoops and deep dives from the past week. <a href="http://newsletter.businessinsider.com/join/4np/wall-st-insider&amp;hash=f4e91136c13f3c40c496d77bc73475027502">If you aren't yet a subscriber to Wall Street Insider, you can sign up here.</a>It was another tough week for the nation, with an outpouring of anguish and frustration continuing through days of protests. You can keep up with our <a href="https://www.businessinsider.com/category/george-floyd">newsroom-wide coverage here</a>. Business Insider <a href="https://www.businessinsider.com/corporate-responses-to-george-floyd-death-analysis-racism-diversity-inclusion-2020-6">took a look at how execs</a> at big companies around the country are responding to the deaths of George Floyd and other black people in America and addressing protests against police brutality, and wrote about <a href="https://www.businessinsider.com/how-to-write-compelling-sensitive-corporate-response-to-protests-2020-6">how leaders can use their visibility</a> to join broader conversations about race and racism and promote actions for change. <a href="https://www.businessinsider.com/diversity-inclusion-strategy-chiefs-twitter-netflix-salesforce-2020-2">Business Insider has also spotlighted some of the most influential leaders who are fighting inequality and driving changes in corporate diversity and inclusion</a>. Despite social unrest across the US, investors were largely optimistic about the country's economic prospects after months of setbacks due to the coronavirus pandemic. US stocks <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-nfp-may-jobs-report-unemployment-rate-2020-6-1029285664">surged this week</a>, boosted by early signs of a labor-market recovery. And the IPO market came roaring back, with Warner Music Group raising $1.9 billion in the biggest initial public offering of the year. Other companies including <a href="https://markets.businessinsider.com/news/stocks/zoominfo-stock-price-first-day-trading-nasdaq-ipo-tech-market-2020-6-1029282428">marketing-software firm ZoomInfo</a> as well as Shift4 Payments priced shares above their expected ranges and skyrocketed in their first day of trading. Shift4 Payments was the first company to appear in-person to celebrate a market debut at the New York Stock Exchange since the pandemic took hold. Shannen Balogh talked with Jared Isaacman, the payment-tech firm's CEO, about what it was like live-streaming a bell-ringing to Shift4's over 700 employees and how the company pitched itself to investors without meeting them in person. Read the full story here: <h2><a href="https://www.businessinsider.com/shift4-payments-ipo-nyse-raises-345-million-virtual-2020-6">The CEO of Shift4 Payments walked us through the 300-meeting virtual road show it took to launch its IPO</a></h2>It was a busy week for real-estate news as well.Silver Lake <a href="https://www.businessinsider.com/pe-silver-lake-has-wall-street-questioning-flurry-minority-investments-2020-5">added to a string of bets in the struggling travel sector</a> by leading <a href="https://www.businessinsider.com/travel-company-vacasa-raises-108-million-from-silver-lake-2020-6">a $108 million investment in vacation-property startup Vacasa</a>. WeWork cofounder <a href="https://www.businessinsider.com/cofounder-miguel-mckelvey-is-departing-wework-2020-6">Miguel McKelvey is out</a>, and his job as chief culture officer at the coworking giant won't be replaced. And Neiman Marcus's flagship store in the glitzy Hudson Yards mega-mall <a href="https://www.businessinsider.com/related-and-oxford-offer-neiman-marcuss-hudson-yards-store-as-offices-2020-6">is now being marketed as office space.</a>Thanks for reading, and enjoy the weekend, -Meredith <h2>PayPal power players</h2><h2></h2>Digital payments have taken off amid the pandemic, with consumers and merchants alike looking for more ways to <a href="https://www.businessinsider.com/the-latest-coronavirus-shop-payments-contactless-curbside-2020-5">digitize the way they pay, both online and in-person</a>.PayPal in turn has seen record transaction volumes and sign-ups this year. Shannen Balogh took a look at the people who are driving PayPal's growth, launching new products, and positioning the payments giant to take off in an increasingly digital world.Read the full story here: <h2><a href="https://www.businessinsider.com/paypal-power-players-digital-payments-2020-5">Meet the 8 PayPal execs shaping the payment giant's future as its stock rockets to record highs and e-commerce surges</a></h2><h2>Big bets on the future of retail space</h2><div type="image" title="snowy deserted empty mall" height="632" width="1265" msid="76235401" hostid="261"></div>Months before the pandemic hit the US, investors were placing bets against the future of shopping malls, while a major asset manager was positioning billions of dollars in mutual funds it controls on the other side of the wager. Dan Geiger took a look at how these complex bets were made, and how things are shaping up for each side in light of the pandemic. Read the full story here: <h2><a href="https://www.businessinsider.com/analyst-brian-phillips-is-leaving-alliancebernstein-2020-6">Inside a 'big short' bet against malls: Investors are claiming wins, and a research analyst who said the wagers were misguided is out</a></h2><h2>What's in store for Wells Fargo's next wealth head</h2><div type="image" title="Wells Fargo chief executive Charlie Scharf" height="2302" width="4604" msid="76235404" hostid="261"></div>Wells Fargo has been searching for a new wealth and investment management head since February, when it announced a reorganization and leadership shuffle across business lines. The firm is primarily considering outside candidates as CEO Charlie Scharf, less than seven months at the helm of the scandal-plagued bank, continues shaping a new set of execs poached from rivals.Rebecca Ungarino took a look at what's at stake for Wells Fargo, and what's in store for whoever takes over running the $1.6 trillion unit.Read the full story here: <h2><a href="https://www.businessinsider.com/wells-fargo-search-for-next-wealth-investment-management-chief-analysis-2020-5">Wells Fargo CEO Charlie Scharf is looking at outsiders to run the bank's sprawling wealth business. Here's why it may be one of the toughest jobs on Wall Street.</a></h2><h2>Chatting with Webull's CEO </h2><div type="image" title="future of data on wall street 2x1" height="600" width="1200" msid="76235409" hostid="261"></div>Webull started as a mobile app for market data and analytics. Now, the fintech that's pitched itself as a <a href="https://www.businessinsider.com/category/robinhood">Robinhood</a> rival has a slew of product launches planned for this year. And it's going after just about everyone in the crowded field of brokerages and wealth tech. "We will go after the Robinhood demographic. We will go after the robo-adviser demographic. And we also want to go after the advanced trader demographic," Webull CEO Anthony Denier told Rebecca Ungarino and Dan DeFrancesco.Read the full story here: <h2><a href="https://www.businessinsider.com/investing-app-webull-ceo-explains-product-roadmap-to-rival-robinhood-2020-6">Robinhood rival Webull is plotting an aggressive growth push. The fintech's CEO laid out plans to add everything from robo-advice to wonky options trading.</a></h2><h2>On the move</h2><ul><li>EmeraldRidge Advisors — <a href="https://www.businessinsider.com/former-sac-president-tom-conheeney-is-launching-emeraldridge-advisors-2020-5">the new fund coming</a> from Tom Conheeney, Steve Cohen's former right-hand man — is adding some star power. Vincent Daniels and Porter Collins <a href="https://www.businessinsider.com/vincent-daniels-porter-collins-to-join-tom-conheeney-hedge-fund-2020-5">plan to join the not-yet-launched firm</a>, sources told Business Insider. The pair of portfolio managers are most well-known for being featured as characters in the movie and book "The Big Short."</li><li><a href="https://www.businessinsider.com/citi-forms-dealmaking-group-with-data-science-flourish-2020-6">Citi is forming a new investment banking team, combining the firm's activism and shareholder defense, data science, and corporate finance advisory groups.</a> The new global unit, called strategic advisory solutions, will number more than 80 bankers and will be led by top activism-defense banker Muir Paterson.</li><li>WeWork's head of real estate for the US, Canada, and Israel is <a href="https://www.businessinsider.com/wework-executive-aaron-ellison-leaves-coworking-giant-2020-6">leaving the company after two years</a>. The executive, Aaron Ellison, had helped spearhead growth during the heady runup to the firm's peak valuation of nearly $50 billion.</li></ul><h2>Corporate finance</h2><ul><li><a href="https://www.businessinsider.com/some-oil-companies-wont-be-able-to-afford-bankruptcy-2020-6">Some cash-strapped US oil companies can't even afford Chapter 11 bankruptcies. That means they have to wait things out or liquidate.</a></li></ul><h2>Hedge funds and investing</h2><ul><li><a href="https://www.businessinsider.com/hedge-fund-investors-appetite-for-long-short-equity-funds-2020-6">Stock-picking hedge funds are suddenly back in vogue— a welcome shift for an industry that's hemorrhaged billions</a></li><li><a href="https://www.businessinsider.com/coatue-reduced-exposure-in-quant-fund-to-protect-bad-data-2020-6">Coatue's $350 million quant hedge fund pulled money out of the market in a move that exposes the dangers of data-driven trades</a></li></ul><h2>Law</h2><ul><li><a href="https://www.businessinsider.com/top-legal-recruiter-predits-future-law-firms-post-pandemic-2020-6">The post-pandemic law firm will consist of smaller summer classes, more remote workers, and a less decked-out office, a top legal recruiter predicts</a></li><li><a href="https://www.businessinsider.com/boies-schiller-partner-david-pressman-is-joining-jenner-and-block-2020-6">A Boies Schiller lawyer who represented a key witness in the Trump impeachment proceedings is jumping ship to Jenner &amp; Block — adding to a list of 30-plus BSF partner exits</a></li></ul><h2>Fintech</h2><ul><li><a href="https://www.businessinsider.com/affirm-high-yield-savings-max-levchin-personal-finance-2020-5">Buy now, pay later startup Affirm just launched a high-yield account with an eye-popping rate. Its CEO explains why the startup wants to cater to both saving and splurging.</a></li><li><a href="https://www.businessinsider.com/hippo-plans-to-acquire-spinnaker-as-it-eye-big-growth-2020-6">Startup Hippo is buying an insurer that has licenses to sell across the US — here's how the unicorn insurtech is flipping the script on incumbents</a></li><li><a href="https://www.businessinsider.com/former-wework-ceo-sebasatian-gunnigham-turned-down-carta-coo-job-2020-6">$3 billion Carta is looking for a new COO, and WeWork's former CEO just turned down the job</a></li></ul><h2>Real estate</h2><ul><li><a href="https://www.businessinsider.com/vcs-investors-concerns-they-have-about-proptech-portfolios-coronavirus-2020-6">Burning through cash and nothing coming in: We talked to 7 VC investors about what's keeping them up at night in their proptech portfolios</a></li><li><a href="https://www.businessinsider.com/access-control-companies-will-see-boom-in-post-pandemic-office-2020-5">Companies need to add contactless-entry tech to safely reopen offices. Here are 7 firms ranging from startups to huge conglomerates that are set for a surge in business.</a></li></ul>

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