and other meme stocks are still shaking, while the broader market is holding its breath ahead of an update on the employment picture. Here’s what we’re watching ahead of Friday’s opening bell.
- Futures tied to the S&P 500 wavered between small gains and losses. The index is on track to post muted losses for the week. Futures on the tech heavy Nasdaq-100 edged up 0.2%. Read our full market wrap here.
- AMC shares are down 3.5% premarket, extending Thursday’s big drop on the heels of its plan to sell more shares. Other stocks popular with retailer traders were also slipping;
dipped 2.7% and Koss dropped 6.4%.
- Bitcoin fell 5.2% from its 5 p.m. Thursday level after Tesla CEO
posted breakup memes on
writing “#Bitcoin” with a broken-heart emoji.
What’s Coming Up
- U.S. nonfarm payrolls, due at 8:30 a.m., are expected to have increased by 671,000 in May and the unemployment rate is expected to fall to 5.9% from 6.1% a month earlier.
- U.S. factory orders for April, due at 10 a.m., are expected to have fallen by 0.2% from the prior month.
Market Movers to Watch
climbed 6.9% premarket after the digital agreement company’s quarterly results and outlook surpassed Wall Street expectations.
shares jumped 5.7% ahead of the bell. The retailer said first-quarter net sales were up 197.6% from the first quarter of fiscal 2020.
shares gained 9.4% after the collaboration-software company raised its annual forecast as revenue easily outstripped expectations.
shares added 3.1% premarket, extending gains from the prior session that came after the automaker said total U.S. sales in May rose 4.1 to 161,725 vehicles, as jumps SUV and electrified vehicle sales offset declines in truck and car sales.
shares slipped 0.6% premarket. The European Union and the U.K. opened formal antitrust investigations into Facebook’s classified-ads service Marketplace, ramping up regulatory scrutiny for the company in Europe.
- In recent months, the shares of companies that have been making cars for decades have overtaken those of startups hoping to take their place. On average, the 17 largest non-Chinese incumbents are up roughly 11% over three months on an equal-weighted basis. Over the same period, the shares of 19 electric-vehicle specialists have fallen 15%.
- Russia is to ditch the dollar from its sovereign-wealth fund, but the central bank said on Thursday that it doesn’t expect the decision to seriously affect the market. The Russian ruble was little changed against the dollar, trading at 73.20 against the greenback.
- On this day in 1953, Woodcock, Hess & Co. of Philadelphia incorporated, becoming the first firm that was a member of the New York Stock Exchange to do so. Until then, all NYSE member firms had been structured as partnerships.
Chart of the Day
- Shares of AMC Entertainment, GameStop and other stocks popular with individual investors have surged over the past two weeks, a frenetic rally reminiscent of the Reddit-fueled craze of late January.
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