Chloe Peng
Hey moomooers,
Good evening. Here is the latest Market Recap for you.
U.S. stocks continued the holiday week relaxation. The AMC trading frenzy continued Wednesday, as retail investors ran for another rush.
How did major indexes fare?
Indexes continued the holiday week relaxation to stay flat on Wednesday.
During the regular session, $Dow Jones Industrial Average(.DJI.US)$ rose just 25.07 points to close at 34,600.38. Similarly, the $S&P 500 index(.SPX.US)$ and the $Nasdaq Composite Index(.IXIC.US)$ ended the day up 0.14%.
What drove the market?
Market on hold before the release of the jobs report Friday
The market, focused on the link between inflation pressures and the reopening of U.S. businesses, maybe on hold before the release of the jobs report Friday, which is likely to show an additional 671,000 nonfarm payrolls in May, compared to the 266,000 jobs that were added the month before, according to economists polled by Dow Jones.
Retail investors pushed Meme stocks high again
The AMC trading frenzy continued Wednesday, with shares soaring more than 95% higher before the close and rising another 7% after hours. Others jumped aboard the meme-stock train, including Bed Bath & Beyond, which finished 62% higher as well as Blackberry, whose stock rose almost 32%. GameStopsurged 33.2%.
Which stocks were in focus?
$Bed Bath & Beyond Inc(BBBY.US)$, $AMC Entertainment Holdings Inc(AMC.US)$, $BlackBerry Ltd(BB.US)$– Reddit darlings Bed Bath & Beyond and AMC climbed in wild trading. Shares of the home furnishings retailer soared 62% after the company announced the release of three new private label brands scheduled to hit the shelves in the next few months. AMC jumped 95%, and trading in the name was briefly halted. BlackBerry also leaped 31.9%.
$Etsy Inc(ETSY.US)$— Shares of the e-commerce company are up 7.15% after Etsy announced a $1.6 billion deal to buy fashion resale app Depop. The newly acquired business, which is based in London, is popular among younger consumers.
$Tesla, Inc.(TSLA.US)$— Tesla shares fell 3% on a combination of negative headlines. First, the electric car maker said it is recalling nearly 6,000 vehicles over concerns that their brake caliper bolts might loosen, which could potentially result in a loss of tire pressure. Second, Tesla was reportedly told by the SEC that it had failed to properly approve tweets by CEO Elon Musk.
$DXC Technology Co(DXC.US)$– Shares of the IT services company advanced 4.3% after Wells Fargo upgraded the stock to an overweight rating.
$Carnival Corp(CCL.US)$— Shares of Carnival jumped roughly 3.9% and touched a new 52-week high today of $31.10. The Centers for Disease Control and Prevention accepted an agreement for Carnival Cruise Line to sail from Port Canaveral, The Houston Chronicle reported Tuesday.
Source: Bloomberg, CNBC
Comment(2)
While market crazy, investors should be more cautious
$S&P 500 index (.SPX.US)$$Dow Jones Industrial Average (.DJI.US)$$AMC Entertainment Holdings Inc (AMC.US)$
APE TOGETHER STRONG
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