Investing.com – AMC Entertainment continues to post breathtaking gains. However, crude oil and Wall Street have disrupted recent positive runs before a flood of data led by US jobless claims. In the meantime, the electric car market has got a prominent supporter. That will move the markets on Thursday June 3rd.
It doesn’t seem to be holding back AMC Entertainment (NYSE:
The new darling of the Reddit community, the movie theater chain, is back up sharply on Thursday before it hits the market, after doubling during Wednesday’s session and more than 400% in the past two weeks. alone.
Its market capitalization rose to $ 33 billion during that period, outperforming other so-called meme stocks – not bad for a company that was on the verge of bankruptcy earlier this year.
The distribution of goodies like popcorn and special screenings, however, didn’t change the company’s economic reality.
The pandemic resulted in its long-term debt of less than $ 2 billion in the first three months of this year in 2016 rose to $ 5.4 billion. And it’s still losing money, as analysts expect another $ 100 million to go in the next 12 months.
For sure, customers will come back well when the US fully reopens, and their new AMC Investor Connect initiative could be on The fringes help, but there are good reasons to believe the pandemic has permanently changed viewing habits. The media giants who spend huge sums of money buying streaming services certainly think so.
AMC’s staggering rise has certainly rewarded investors who bought early, but how long can that take?
US stocks are expected to open slightly lower on Thursday and continue their sluggish start to the new month before flooding key economic data.
Until 6:30 p.m. ET,
Dow Jones futures
by 60 points or 0.2% to just over 34,500,
S&P 500 futures
were 0.2% lower and
Nasdaq 100 futures
The most important indices closed slightly higher on Tuesday – with the broader one
up by only 0.1%, the blue chip
Dow Jones industry average
with only 25 points and the tech-heavy one
Add 0.1% – Maintain the holding patterns from the week leading up to the crucial job report on Friday.
These averages remain close to record highs, but the market has lost much of its previous momentum as it fears one will be stronger than expected economic recovery will lead to higher inflation and thus to an earlier than expected tightening of monetary policy.
Companies such as the online office tool DocuSign (NASDAQ:
), Group messaging app Slack Technologies (NYSE:
), Sportswear manufacturer Lululemon Athletica (NASDAQ:
) and chip manufacturer Broadcom (NASDAQ:
) should report on Thursday. But a lot of attention is getting to meme stocks like AMC Entertainment (see above), Bed Bath & Beyond (NASDAQ:
) and workhorse (NASDAQ:
) that continue to beat faster.
The US economic chart filled up on Thursday, providing investors with fresh clues about the pace of recovery in the world’s largest economy, as well as signs of higher inflation at a time when investors are are concerned about an early tightening of monetary policy.
First is the blocks
Number of jobs at 8:15 a.m. ET (1315 GMT), which is expected to say the economy created 650,000 private sector jobs in May, a slight slowdown from the 742,000 added in April
Initial jobless claims
Data comes 15 minutes later, with 390,000 claims expected in the week ending May 28, an improvement from 406,000 the previous week and a new post-pandemic low.
These numbers are set before the official carefully examined on Friday
, especially after the disappointing release of 266,000 non-farm jobs in April.
We expect wages to be much higher than in April, with the drop in initial claims on a monthly increase of possibly up to 1, 5-2 million (the current consensus is 672,000). ,a???? Nordea analysts said in a note.
May is also due for publication
ISM non-manufacturing PMI
at 10 p.m. ET, which is expected to show renewed confidence in the vital service sector, but could also indicate rising wage pressures
The news from Europe has been positive since
in the eurozone rose in May as the easing of some coronavirus-related restrictions breathed life into the bloc’s dominant service industry.
Also, the UK’s
saw the biggest jump in activity in 24 years last month after pubs and restaurants were allowed to serve customers indoors after months of lockdown.
Crude oil prices fell slightly on Thursday, with traders making some gains as the market previously climbed to record levels , amid growing optimism of a strong recovery in demand from China, the US, and Europe.
Until 6:20 p.m. ET,
US crude oil
fell 0.2% to $ 68.69 a barrel after previously climbing to its highest level since October 2018.
fell 0.2% to $ 71.22 after closing above $ 70 for two consecutive days for the first time in more than two years.
Confidence in the oil market flooded demand in the second Half of the year will rise as the major oil-consuming nations fully reopen while they take control of the Covid-19 pandemic.
Earlier this week, Saudi Energy Minister Prince Abdulaziz bin Salman said the demand picture had after the organization’s meeting Petroleum exporting countries and other top producers, including Russia, a group known as OPEC, have shown signs of improvement. In addition, Fatih Birol told the International Energy Agency that he sees a robust recovery in consumption over the next six months.
This realignment after the sharp pandemic demand slowdown last year will be driven by the recovery in demand in the United States, the largest Oil consumers in the world, after vehicle consumption this summer along with rising fuel demand in China, the world’s second largest, led oil consumers and in Europe and especially the UK as the region exits the locks.
US crude oil supply data from the
American Petroleum Institute
, released late Wednesday, showed a withdrawal of 5.360 million barrels for the past week, a significant increase from the previous week’s withdrawal of 439,000 barrels.
Investors are now waiting for US crude oil supply data.
Energy information management
, due later in the day.
The electric car market received celebrity support on Thursday when it was revealed that soccer star David Beckham has acquired a 10% stake in Lunaz, a UK-based car restoration and electrification company .
The transaction value was not disclosed, but Beckham will join the founders of Lunaz and the Barclay, Reuben and Dellal families as shareholders, the company announced on Thursday.
The electrical sector in Europe is steadily growing on the rise, with European consumers buying more than half a million electric cars for the first time in 2020 despite the pandemic. This is expected to double to one million sales in 2021.
With 64,700 units sold in the first quarter of 2021, Germany is by far the largest single market, while Great Britain overtook France in the first quarter of the year and became the second largest electric car market in Europe.
Of course, those numbers are still dwarfed by sales of traditionally powered cars, but the trend is clear and Norway became the first country in the world last year to sell more electric cars than fossil fuel cars thanks to generous subsidies. We encourage you to use comments to connect with users, share your perspective, and ask questions to authors and each other. However, in order to maintain the high level of discourse that we all value and expect, please consider the following criteria:
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