Here is what you need to know on Friday, May 28:
It was AMC day on US stock markets on Thursday as the cinema operator totally took control of the volume profile, outdoing every mega-cap and growth stock in the process. AMC rose over 35% as retail and perhaps some other operators stoked the fizzle that was last seen in January. Ford continued its impressive run post Wednesday's investor day, but mostly it was the small-cap names that stole the day. The Russell 2000 was Thursday's indices winner, moving over one percent higher, while the S&P 500 and Dow flatlined and the Nasdaq fell.
Friday looks to be taking the same playbook and running with it as AMC surges again in the premarket and futures move higher. President Biden has the chequebook out again as he is mulling over a $5 trillion spending plan for the next decade, boosting the American Jobs Plan and the American Families Plan.
The dollar is stronger versus the euro at 1.2140, yields are steady, Gold is lower at $1,889, Oil is up at $67.50, and Bitcoin is sliding back to $36,500.
European markets are higher: the FTSE is flat, EuroStoxx +0.4% and the Dax +0.6%.
US futures are also higher: Dow +0.4%, S&P +0.3% and Nasdaq +0.2%.
Wall Street top news
US Consumer spending +0.5% monthly, in line with expectations.
Japan extends state of emergency as Olympics beckon.
Microsoft says Solar Winds hacking group is back, targeting government agencies, think tanks and consultancies.
AMC shares surge again in premarket, up 10%, go apes.
Boeing (BA) reports delays on the delivery of the 787 Dreamliner due to FAA information requests.
Ollie (OLLI) grabs a bargain as the shares rally 10% post-earnings release.
Veeva Systems (VEEV) rises 5% in premarket after posting earnings after the close on Thursday.
HP reports EPS and revenue beat estimates, but shares drop.
DELL reported EPS of $2.13 versus the $1.61 forecast.
BOX just beat EPS by a penny, $0.18 versus $0.17 expected.
Costco (COST) EPS $2.75 versus $2.35 estimate.
GAP reported EPS of $0.48 versus $-0.05 estimate (those analysts are good, huh?).
Salesforce (CRM) posted strong earnings after the close on Thursday, shares up 5% premarket.
Emergent Bio (EBS) WSJ reports that FDA is close to allowing vaccines to be released from Emergent's plant.
ULTA Beauty reports earnings after the close on Thursday, shares up 5% premarket.
Beyond Meat (BYND) Bank of America calls it a new meme stock to watch, and Raymond James raises price target, share pop 5%.
Up, downs, movers and groovers
Premarket movers
Source: Benzinga
Economic releases
At the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Errors and omissions excepted.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays in positive territory above 1.0850 after US data
EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.