US stocks slid on Monday to kick off a volatile first trading day of June. The tech-heavy Nasdaq Composite turned negative by afternoon trading, down roughly 0.2%, while the benchmark S&P 500 also lost steam to fall about 0.5%. The Dow Jones Industrial Average dropped around 1%, or nearly 400 points. A weaker-than-expected reading on the manufacturing sector pushed the major averages lower as investors debate the future path of Fed rate cuts.
The stock skyrocketed over 100% at one point in early trading after a Reddit post apparently by Keith Gill — aka "Roaring Kitty" — showed a big bet by the influential trader. Fellow meme darling AMC's shares shot up as much as 27% alongside the move. Shares of GME, which were briefly halted for volatility, pared gains to about 30%. Overall, stocks are looking to build on their strong performance in May, which saw all three major gauges break records during the month.
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