The Dow Jones managed a fifth straight day of gains, albeit only slightly, adding 0.1% with both the S&P 500 and Nasdaq up by the same amount.
AMC to the moon
Value stocks continue to be the driver with well known ‘meme stock’ movie theatre chain AMC Entertainment (NYSE: AMC) jumping 95%, taking its gain for the year to over 3,000%.
More than 710 million shares changed hands on Wednesday as management seeks to benefit from huge day trading retail investor interest. The company has embraced the retail crowd, launching a new platform on its website for its retail investors, offering promotions and events.
US vaccination rollout continues
President Biden has outlined a plan to have 70% of the US population vaccinated by Independence Day, set to offer tax credits, whilst large companies are offering beer and tickets to sporting events for those who take up their vaccines.
Grantham still bearish
Long-time bear, Jeremy Grantham has flagged concerns about an impending crash in markets, a similar call he made in January this year, highlighting the frothiness in SPACs and recent IPO valuations.
Tesla market share
Shares in Tesla (NASDAQ: TSLA) fell 3% overnight after the group saw its global market share drop from 29% in March to 11% in April.
This adds to the pressures of a growing competitive landscape and an ongoing global chip shortage.
US stock market movers
Here’s how other popular US stocks performed overnight.
- GameStop (NYSE: GME) up 13.3%
- Upstart (NASDAQ: UPST) up 8.8%
- Opendoor (NASDAQ: OPEN) up 7.4%
- Etsy (NASDAQ: ETSY) up 7.1%
- Airbnb (NASDAQ: ABNB) up 4.6%
- Shopify (NASDAQ: SHOP) down 1.8%
- Roku (NASDAQ: ROKU) down 2.2%
- Align Technologies (NASDAQ: ALGN) down 3.0%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is expected to follow US markets higher this morning. For all the latest, check out Rask Media’s ASX 200 morning report.
