Wednesday's Market Recap - Shares Of Reddit 'Fave' AMC Soared 100% In Trading Today.
- Jun 1, 2021
- 2 min read
What is The Premarket Telling Us?
June 2, 2021 7:30 AM.
Stock futures are mildy up ahead of the start of trading. Dow futures are up 48 points, Nasdaq futures up up 2.5 points, and the S&P futures up 2.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.605%, down 1.0 basis points.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $68.40/barrel, down 1.0%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) up 0.46%, Shanghai down 0.76%, Hong Kong (Hang Seng) down 0.58%.
Major European markets ended today higher. German (DAX) up 0.23%, France CAC 40 up 0.49%, London FTSE 100 up 0.39%.
Market And Sector Dynamics
Markets started the trading session mixed. The Dow gained 46 points, Nasdaq fell 12 points, and the S&P lost 2.04 points. WTI crude oil started the day higher at $67.95/barrel, up 2.46%, and the US 10 Year Bond hovered at 1.596%.
Following a quick dip into negative territory shortly after the open, the market returned to positive territory, and climbed to the high of the day, with the Dow up 130 points, shortly after 11:00 AM, before pulling back in the early afternoon, and hugging the flat line until late in the session, ticking higher right at the close.
The Reddit are back at it again, trading up the same group of stock; AMC, Game Stop, BlackBerry, and Bed Bath & Beyond. Today, shares of AMC were alters at one point during the session, and closed up just short of 100%, for the day. Gains that bears relationship to the company's fundamentals.
Six of the eleven S&P sectors closed today with gains, led by Energy, Real Estate, Technology, Utilities, Consumer Staples, and Financials. Basic Materials, Consumer Discretionary, Industrials, and Healthcare, ended the session lower.
Factors Influencing Today's Market
Shares of AMC, a Reddit trader favorite, soared just shy of 100% in today's session.
Asian markets ended their sessions mixed, while European markets rallied.
US 10 Year Bond closed today at 1.589%, down 1.06%.
WTI crude oil continued it march to seventy dollars per barrel, and ended the day at $68.75/barrel, up 1.21%.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended today's session modestly higher, with the Dow gaining 25.07 points, Nasdaq gained 19.85 points, and the S&P added 6.08 points. Total NYSE volume traded, a heavy 5.86 billion shares. Advancing shares outpaced Declining shares by 1.23:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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