- NYSE: AMC closed 2.23% higher on Monday, making up for early losses.
- Meme stocks plummet in a volatile week of trading.
- AMC and other theaters are in a late summer lull.
update: NYSE: AMC starts the week on the right foot, delaying the rebound until it settles at $9.18. In doing so, AMC’s stock rose 2.23% on the day, bouncing off his $8.85 weekly low. Despite the turnaround, AMC stock failed to recapture his $10s. AMC Entertainment Holdings shares tracked Wall Street’s recovery in the final hours of trading Monday as investors continue to assess the impact of his super-massive Fed rate hike. The benchmark 10-year US Treasury yield surged to 3.518%, the highest level since April 2011, tempering a rebound in alternative high-yielding assets such as equities. The Fed is set to raise its key policy rate by 75 bps this week, but the final rate forecast could shake the market.
NYSE:AMC fell again on Friday as meme stocks posted weekly losses of more than 10%. AMC shares fell 9.11% on Friday to close at $8.98. Stocks rose in the second half of the session, but all three major indices recorded another day of declines, falling four of Wall Street’s last five weeks. Overall, the Dow Jones fell another 139 basis points. , the S&P 500 and NASDAQ fell 0.72% and 0.90% respectively ahead of the Fed’s key rate hike in September next week.
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Meme stocks are certainly in a good time as the sector has experienced another volatile week of trading. BBBY) fell more than 11%. AMC’s Preferred Shares Ape (NYSE:APE) stock price fell more than 13% as the aggregate AMC share price continued its downward trend. Today, the true value of AMC’s stock is just $13.88, one of its lowest levels since the announcement of APE shares in late August.
AMC APE preferred stock
It’s not just AMC’s stock that’s struggling. Cinemas across the country are seeing ticket sales dry up as the industry experiences a massive late-summer lull. Last weekend was the second worst weekend of the year for moviegoers. This shows that Hollywood is short on summer blockbusters this year. Cineworld (LON:CINE), the world’s second-largest cinema operator, formally filed for bankruptcy earlier this week.
previous update
Update: NYSE: AMC changed course on Monday, closing at $9.18 per share after gaining 2.23%. Wall Street started the day in a soft tone, but the key indices rose as the session progressed. The Dow Jones Industrial Average added 197 points to settle at 31,019, and the Nasdaq Composite was the best performer as he rose 0.76%. The S&P 500 turned positive in his final hour of trading, up 23 points or 0.61%.
Generally speaking, after last week’s US data showed that US data will not give up on stubbornly high inflation, market players are optimistic, especially as the US Federal Reserve is set to make monetary policy decisions this week. Continue to be cautious. At the moment, another 75 bps is already priced in, with the Federal Fund expected to rise above 4% by the end of the year. But while we haven’t yet seen the potential impact of higher interest rates on economic growth, it’s also the main reason Wall Street has had its worst week in three months.
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