Here are five things you must know for Thursday, June 7:  

1. -- Global Stocks Extend Gains

U.S. stock futures were higher on Thursday, June 7, and stocks in Europe and Asia extended gains even as concerns mounted over the potential for a major rift on trade and tariffs when G-7 leaders meet later this week in Quebec City.

The third-consecutive record closing high for the Nasdaq was adding bullish fuel to a global equity market still searching for signs that coordinated economic growth - a key pillar of the current bull market - won't be impacted by either the ongoing disagreements on trade between the White House and its economic allies or a faster-than-expected move to normalize interest rates from either the Federal Reserve or the European Central Bank.

Contracts tied to the Dow Jones Industrial Average I:DJI  rose 81 points, futures for the S&P 500 I:GSPC   were up 4.25 points and Nasdaq I:IXIC futures rose 3 points. The Nasdaq finished Wednesday, June 6, at a new record closing high of 7,689.24.

The U.S. economic calendar on Thursday includes weekly Jobless Claims at 8:30 a.m. ET.

Here is what the  market is saying about 10-year yields and stocks. Watch below. 

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2. -- Dimon, Buffett Say Markets Too Focused on the Short Term 

JPMorgan Chase & Co. (JPM) - Get Report CEO Jamie Dimon and Berkshire Hathaway Inc.'s (BRK.A) - Get Report Warren Buffett, in a commentary in The Wall Street Journal, wrote that "financial markets have become too focused on the short term" and they encouraged all public companies to consider no longer providing guidance on quarterly earnings.

"In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability," wrote Dimon and Buffett.

"Companies frequently hold back on technology spending, hiring, and research and development to meet quarterly earnings forecasts that may be affected by factors outside the company's control, such as commodity-price fluctuations, stock-market volatility and even the weather," the executives added.

Here's what Buffett expert Whitney Tilson thinks about the investing legend. 

3. -- Icahn Builds Small Position in Allergan

Carl Icahn has built a small position in Allergan PLC (AGN) - Get Report , Bloomberg reported, citing people familiar with the matter. 

Icahn's motivation and the size of his investment remain unclear. Icahn previously held a position in the drugmaker,  disclosing a stake in 2016 that was sold in the first quarter of 2017, according to data compiled by Bloomberg.

Allergan shares rose 2.5% in premarket trading on Thursday.

Icahn's investment in Allergan would come in addition to the 1% stake held by David Tepper's Appaloosa Management, CNBC reported. On Tuesday, June 5, Tepper said in a letter he is pushing the drugmaker to overhaul its management.

4. -- EU Set to Hit Google With Penalties

Alphabet Inc. (GOOGL) - Get Report shares rose slightly in premarket trading following a report that said European union antitrust authorities were preparing to hit Google next month for abusing its dominance through the Android mobile operating system.

Margrethe Vestager, the EU's competition commissioner, could announce the negative finding within weeks, according to people familiar with the case, the Financial Times reported.

A penalty was expected in the Android case but the report said the size was unclear. The commission is empowered to impose fines of up to $11 billion, which is 10% of the global turnover of Alphabet, Google's parent company, but typically fines are at the lower end of the range, according to the Financial Times.

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5. -- Five Below Soars After Profit Tops Forecasts

Shares of Five Below Inc. (FIVE) - Get Report were rising 16.9% in premarket trading on Thursday after the retailer topped analysts' first-quarter earnings expectations and issued better-than-expected guidance for its fiscal second quarter.

Five Below said it expects second-quarter earnings of 36 cents to 38 cents a share on sales of $332 million to $335 million.

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