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US stock market report – AMC Entertainment (NYSE:AMC) rockets

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.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.


At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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