Stocks mixed as June begins, oil nears $68 per barrel

AMC Entertainment Holdings plans to raise $230.5M through a share sale

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 33290.08 -533.37 -1.58%
SP500 S&P 500 4166.45 -55.41 -1.31%
I:COMP NASDAQ COMPOSITE INDEX 14030.375849 -130.97 -0.92%

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 HOLDINGS INC 59.26 -1.47 -2.42%

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 11.04 -0.16 -1.43%

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. 16.77 -0.75 -4.28%
WEED n.a. n.a. n.a. n.a.

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. 237.35 -1.87 -0.78%
XOM EXXON MOBIL CORP. 60.40 -1.59 -2.56%
CVX CHEVRON CORP. 103.03 -4.04 -3.77%

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.