Wake Up Wall Street (SPX) (QQQ): AMC pumps then dumps, everything else just watches the movie

Here is what you need to know on Thursday, June 3:

AMC grabs the headlines again on Thursday as the stock swings wildly in the premarket session. AMC shares had ripped up to $77 in Thursday’s premarket before AMC decided to take advantage of the favourable conditions and filed to sell 11.55 million shares. AMC dropped to its current $57 price relatively quickly;y following the announcement. 

Friday’s jobs report got a nice kicker from the ADP number on Thursday showing private companies hired nearly one million workers in May, the fastest job growth in nearly a year. Equity markets are looking past it and trending lower on Thursday as ten-year yields give a little pop above 1.6%. Oil remains poised for a break of $70 siting just below at $68.90 while Gold is lower at $1,885. The dollar continues to appreciate versus Euro, now at 1.2160. Last but not least the forgotten one bitcoin is at $39,000. Bitcoin may see renewed interest if it breaks above $40,000 and AMC and retail investors return to the crypto sphere.

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European markets are lower, the Dax is -0.6%, FTSE -1% and euroStoxx -0.4%.

US futures are also lower S&P -0.7%, Dow -0.5% and Nasdaq -1%.

Wall Street top news

US ADP employment change 978k versus 650k forecast.

AMC files to sell 11.55 million shares.

Engine Number 1 gains a third seat on the board of ExxonMobil (XOM).

Russia says the national wealth fund will sell its dollar assets.

Express (EXPR) posted EPS of -$0.55 ahead of the -$0.58 forecast.

FireEye (FEYE) announces the sale of its Fireeye products business to Symphony Technology Group for $1.2 billion.

Vertex (VERX) Goldman downgrades to sell.

Elastic (ESTC) shares stretch to +10% in the premarket after strong results on Wednesday and multiple price target increases on Thursday.

Cushman and Wakefield (CWK) announce the pricing of public share offering from existing shareholders. 10m shares at $18.75.

Syneos Health (SYNH) announced an offering of over 10 million shares on Wednesday, shares down 5% in premarket.

PVH EPS of $1.92 versus $0.83 estimate.

JMSmucker (SJM) EPS of $1.89 versus $1.67 estiamte.

Tilray (TLRY) Cantor Fitzgerald rated as overweight after the merger with Aphria. Shares gain 4% premarket.

Ups, downs and movers

Premarket movers

Source: Benzinga

Economic releases 

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