Show Notes
Stocks are quiet this morning - again.
Here's what is happening in the markets today, Wednesday, June 2nd.
And it was a quiet trading day yesterday: the Dow gained 47 points after briefly soaring over 300 points. The S&P 500 ended a three-day winning streak by just two points. With a loss of 0.09 percent, the NASDAQ was the underperformer.
Markets are looking for a direction and are in “wait and see” mode: Waiting on jobs report on Friday, and the FOMC meeting set for in mid-June.
Why the markets are moving higher:
1.) Economic growth is strong, and
2.) monetary conditions are still exceptionally investor friendly.
3.) Consumers are rich with cash as a result of the stimulus, and
4.) virus cases are declining.
AMC Entertainment (AMC) is up 23.7% in premarket trading following yesterday’s 22.7% jump. That came after the movie theater operator raised more than $230 million in a stock sale to hedge fund Mudrick Capital, which is believed to have sold the shares for a profit right away. AMC, they claimed, is overrated.
More retail earnings:
Lands' End (LE), an apparel retailer, announced an unexpected profit of 8 cents per share, compared to a consensus projection of a quarterly loss of 29 cents per share. Revenue also outperformed expectations. In premarket activity, Lands' End rose 6.6 percent.
Other earnings:
Zoom Video (ZM) came in 33 cents a share ahead of estimates, with quarterly earnings of $1.33 per share. The revenue of the video communications platform company also above analysts' expectations, and the business issued bullish guidance for the remainder of the year, stating that the "hybrid model" is here to stay. Zoom stock rose 2.4 percent in premarket trading.
Amazon (AMZN) sets Prime Day for June 21-22.
Tesla's (TSLA) Cybertruck could use facial recognition to adjust climate controls, mirrors, and more. The truck may be able to determine who is driving and pull up the appropriate driver profile and preferences, according to patent applications.
Crude oil hits 2-year highs.
Krispy Kreme filed to go public yesterday under the ticker symbol DNUT. Consider this a comeback tour, because when the 83-year-old chain first went public in 2000, it filed for bankruptcy just five years later—when carbs became public enemy No. 1
Over the weekend, hackers hit the only piece of American infrastructure more critical than the Colonial Pipeline: the burger supply.
JBS, the world's largest meat processor, had to shut down North American and Australian operations Monday following a coordinated ransomware attack. The company told the White House that it believes a criminal organization based in Russia is behind the hack.
In the US, which accounts for half of JBS revenues, nearly 20% of beef production was impacted by temporary plant shutdowns.
Travel is back:
TSA screened nearly 2 million passengers at US airports on Friday, the most since the pandemic began.
Hilton's (HLT) CEO said that Saturday night of Memorial Day weekend was the busiest its hotels have been in the Covid era. 93% of rooms were occupied.
This wraps up today's stock market news.
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