Wall Street and Reddit: Pre-Open Lower Ahead of Employment Figures
Nasdaq Futures Shed 0.32%; the S&P 500, 31% and those of the industrial indicator, 30% in a day in which the Retail vs hedge fund war in the wake of Reddit talks, where a group of individual investors has fostered the Boost of shares of the AMC Entertainment cinema chain, as happened at the beginning of the year with Gamestop.
On Wall Street yesterday’s session was fairly quiet and low activity. In this market, the renewed strength of the so-called meme-stocks, “the chicharros”, which a few months ago focused the attention of investors, especially retailers, once again stood out.
It seems that the fashion of “heating” this type of securities has returned, although the impact of its behavior in the main indices of this market is zero, they clarify from Link Securities.
Yesterday the good performance of the energy sector values stood out again, supported by the new rebound in crude prices. Investors begin to discount a scenario in the second half of the year in which crude oil production will not be able to keep up with the pace at which they expect demand to grow, once the main world economies reopen.
On the other hand, according to the Beige Book of the Federal Reserve, in the last month there was a higher than expected growth of the US economy and a general increase in inflationary pressures. The impact of the publication of this report on the US stock market was marginal yesterday.
Regarding today’s macro agenda, the largest US payroll processor, the company ADP, will release the private job creation figures for the month of May in the country, a figure that analysts expect will exceed 600,000 new jobs .
On the other hand, Patrick Harker, a member of the Fed points out that: “it could see a GDP growth of + 7% in 2021 before moderating to + 3% in 2022 and inflation will reach 3% in 2021, with possibilities of rising . The Fed would not abruptly start reducing bond purchases. “
At the corporate level, Marriott, Carnival, Gap and GE fell slightly more than the rest this morning in premarket operations.
For its part, the biggest movements have been starred in the AMC Entertainment cinema chain. The shares rose another 20% in pre-market trading after nearly doubling in the previous session. As was the case earlier this year with GameStop, the retailers and foreros who joined on Reddit, on WallStreetBets, have caused a small contraction in the stock.
Before the opening of the New York Stock Exchange, the price of WTI, the reference in the US, fell 0.13% and sold at 68.69 dollars, as did Brent, which fell 0.03% to $ 71.27 per barrel.
The euro yields against the dollar and is exchanged at 1.2188 greenbacks while the interest on the US Treasury bond rises to 1.6%.