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?
The $Dow Jones Industrial Average(.DJI.US)$ fell 23 points, after dropping as much as 265 points. The $S&P 500 index(.SPX.US)$ slid nearly 0.4%. The $Nasdaq Composite Index(.IXIC.US)$ was the relative underperformer, dipping more than 1% as $Facebook Inc(FB.US)$, $Amazon.Com Inc(AMZN.US)$, $Apple Inc(AAPL.US)$, $Netflix Inc(NFLX.US)$ and Google-parent $Alphabet Inc-CL A(GOOGL.US)$ dropped.
What drove the market?
Key employment data awaits
Investors have been waiting for the Labor Department's release of May's nonfarm payrolls report that comes out Friday morning.
According to ADP, boosting sentiment around economic reopening, May's private job growth rose at its fastest clip in nearly a year as companies hired nearly a million workers. Total hires came to 978,000 for the month, a big jump from April's 654,000 and the largest gain since June 2020. Economists surveyed by Dow Jones had been looking for 680,000.
Meme stocks were still volatile, with AMC slipped 18%
Meme stocks continued their wild price swings on Thursday, especially $AMC Entertainment Holdings Inc(AMC.US)$. The movie theater operator said Thursday morning it was going to sell 11.5 million shares only to announce several hours later it already completed its stock offering, raising $587.4 million in additional capital. AMC closed down nearly 18%. Other meme stocks like $BlackBerry Ltd(BB.US)$ also experienced volatility on Thursday.
Which stocks were in focus?
$AMC Entertainment Holdings Inc(AMC.US)$— AMC Entertainment was on the move again after a volatile trading session. Shares fell 7% after hours after closing down nearly 18% in the regular session. The movie theater operator said Thursday morning it was going to sell 11.5 million shares only to announce several hours later it already completed its stock offering, raising $587.4 million in additional capital.
$CrowdStrike Holdings Inc(CRWD.US)$— Shares of the cybersecurity technology company gained nearly 1% in extended trading on Thursday after reporting better-than-expected earnings. CrowdStrike earned 10 cents per share, higher than the expected 6 cents per share, according to Refinitiv. Revenue came in at $302.8 million, higher than the expected $291.4 million.
$DocuSign Inc(DOCU.US)$— Shares of the electronic signature company rose more than 6% in extended trading after beating on the top and bottom lines of its quarterly earnings. DocuSign earned 44 cents per share on revenue of $469 million. Analysts expected earnings of 28 cents per share on revenue of $438 million, according to Refinitiv. DocuSign also reported second-quarter and full-year revenue guidance above estimates.
$Broadcom Ltd(AVGO.US)$— Shares of Broadcom rose marginally after the bell on Thursday on the back of its strong earnings. Broadcom reported earnings of $6.62 per share on revenue of $6.61 billion. Analysts expected earnings of $6.43 per share on revenue of $6.51 billion, according to Refinitiv.
Source: Bloomberg, CNBC
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