Stocks mixed as June begins, oil nears $68 per barrel
AMC Entertainment Holdings plans to raise $230.5M through a share sale
Can consumers keep carrying this economy?
Veritas Financial managing partner Greg Branch, Michael Lee of Michael Lee Strategy and Advisors Capital Management partner JoAnne Feeney provide insight into today’s markets, inflation fears, earnings, the Federal Reserve and cryptocurrencies.
U.S. equity markets ended little changed Tuesday as traders returned to work following the Memorial Day holiday.
The Dow Jones Industrial Average gained 46 points, or 0.14%, while the S&P 500 and the Nasdaq Composite slipped 0.05% and 0.09%, respectively. All three of the major average's finished within striking distance of all-time highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38460.92 | -42.77 | -0.11% |
| SP500 | S&P 500 | 5071.63 | +1.08 | +0.02% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15712.748618 | +16.11 | +0.10% |
HOT INFLATION SPARKS COOLDOWN DEBATE
In stocks, AMC Entertainment Holdings Inc. plans to sell 8.5 million shares to Mudrick Capital Management, raising $230.5 million, which will be used to acquire additional theater leases and to enhance existing locations. Shares of the movie chain rallied 116% last week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 3.29 | -0.11 | -3.24% |
Meat processor JBS S.A.’s units in Australia and North America were hit over the weekend by a cyber attack on its information systems. The incident, which knocked operations offline in several Australian states, will take an unknown amount of time to resolve. More reports surfaced late Tuesday about U.S. production facilities being taken offline as a result of the attack which is being linked to Russia.
RUSSIAN HACKERS LINKED TO JBS MEAT PRODUCER ATTACK
The White House said it is monitoring the situation in tandem with the USDA,
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JBSAY | JBS | 8.66 | +0.03 | +0.35% |
Goodyear Tire & Rubber Co. is facing allegations of labor abuse in Malaysia, Reuters reports, citing court documents and complaints filed by workers. Accusations against the company include wrongful salary deductions and required excessive hours, among other things.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GT | GOODYEAR TIRE & RUBBER CO. | 11.93 | -0.12 | -1.00% |
| WEED | LISTED FUND TRUST ROUNDHILL CANNABIS ETF NEW | 38.69 | +0.70 | +1.85% |
In earnings, cannabis producer Canopy Growth Corp. reported quarterly revenue jumped 46% year over year as demand picked up during the pandemic. The company reiterated its expectation to turn a profit in the current fiscal year.
Elsewhere, Boeing Co. shares received an upgrade to outperform at Cowen and Company, which raised its price target to $290 from $240.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 164.34 | -4.74 | -2.80% |
| XOM | EXXON MOBIL CORP. | 121.06 | +0.04 | +0.04% |
| CVX | CHEVRON CORP. | 163.64 | +0.80 | +0.49% |
Oil majors ExxonMobil Corp. and Chevron Corp. gained as West Texas Intermediate crude oil spiked $1.63 to $67.95 per barrel, a two-year high, after OPEC and its allies agreed to gradually phase out production cuts. Gold, meanwhile, slipped $3.30 to $1,902 an ounce.
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Overseas markets were mostly higher.
European bourses rallied across the board with France’s CAC 40 up 0.66%, Britain’s FTSE 100 rising 0.82% and Germany’s DAX 30 gaining 0.95%.
In Asia, Japan’s Nikkei 225 slipped 0.16% while China’s Shanghai Composite and Hong Kong’s Hang Seng added 0.26% and 1.08%, respectively.