Stock Futures Muted After Hesitant June Start

"Meme" stocks and cryptocurrencies are back on the rise

Assistant Editor
Jun 2, 2021 at 9:13 AM
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Stock futures are seeing modest gains before the opening bell this morning, with Dow Jones Industrial Average (DJI) futures up 83 points at last check, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are pointed slightly higher. The blue-chip index is fresh off its fourth-straight daily win, but speculation regarding inflation is still permeating through the market. Meanwhile, cryptocurrency Dogecoin is soaring after Coinbase (COIN) started accepting inbound transfers to Coinbase Pro. 

Continue reading for more on today's market, including:

  • What this summer could look like for stocks, per Schaeffer's Senior Quantitative Analyst Rocky White. 
  • Can Zoom stock thrive in a post-pandemic world? 
  • Plus, AMC resumes surge; Etsy acquires fashion resale name; and the chip stock boosted after earnings. 

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5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.8 million call contracts traded on Tuesday, and 756,523 put contracts. The single-session equity put/call ratio fell to 0.42 and the 21-day moving average dropped to 0.51.
  2. AMC Entertainment Holdings Inc (NYSE:AMC) is continuing its rally today, up 17.7% during pre-market trading and eyeing its first ever close above $40. The movie theater giant raised more than $230 million in share sale to Mudrick Capital, which apparently sold those shares immediately at profit.
  3. It was just announced that Etsy Inc (NASDAQ:ETSY) will buy fashion marketplace app Depop for $1.625 billion. Etsy expects to finalize the deal by the third quarter of 2021, after which Depop will still operate as a stand-alone business. At last check, Etsy stock is up 1.1% in electronic trading. 
  4. Ambarella Inc (NASDAQ:AMBA) is up 3.6% ahead of the open, after the semiconductor name reported better-than-expected first-quarter earnings and revenue, as well as a strong revenue forecast. To follow, Rosenblatt Securities and Stifel raised their price targets to $145 and $140, respectively. 
  5. Today features the Federal Reserve's latest Beige Book report and data concerning motor vehicle sales. 

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Reopening Stocks Boost European Markets

Over in Asia, stocks were mixed on Wednesday. The Japanese Nikkei saw the best gains, rising 0.5% on the back of auto stocks Toyota and Honda, both of which managed to brush off news of a pause in production in Malaysia, due to lockdowns. Other automotive names around the region also enjoyed notable wins. The South Korean Kospi saw a small 0.07% jump, while the Hong Kong Hang Seng dropped 0.6%, and the Shanghai Composite lost 0.8%.

European markets are eyeing marginal gains, as energy and reopening stocks helped stoke optimism. Anticipation over upcoming meetings from the European Central Bank (ECB) and the Federal Reserve stateside are keeping some of these gains in check, however, with fears over how the two central banks will respond to inflation casting a shadow over markets. Meanwhile, traders are also poring over better-than-expected factory prices out of the Euro zone, while the EU’s producer price index (PPI) also topped estimates. The French CAC 40 and London FTSE 100 were both last seen up 0.2%, while the German DAX is down 0.01%.

 

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