📈 Meme stocks like AMC, BBBY and GME soar - and markets are nervous


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Today, stocks are opening sharply lower.

Here's what is happening in the markets today, Thursday, June 3rd.

Why are stocks lower?
Maybe it’s a continuation of the holiday week relaxation,
Or maybe it’s the typical slower June.
Or maybe it’s because the S&P 500 continues to struggle to reach a new all-time high.
Or maybe it’s AMC?

Most of the early market action centered on meme stock and theater chain AMC Entertainment (AMC). The stock was up as much as 20% in premarket trading after practically doubling in the prior session. Reminiscent of what occurred earlier this year, retail traders rallying together on Reddit have triggered a short squeeze in the stock.

AMC filed to sell up to 11.55 million common shares “from time to time,” according to a DEC filing, but cautioned against investing in the stock due to recent moves “unrelated to our underlying business.”

Other Meme stocks jumped as well, including Bed Bath & Beyond (BBBY), which finished 62% higher as well as Blackberry (BB), whose stock rose almost 32%. GameStop (GME) surged 33.2%.

Earnings News:
The apparel retailer Express (EXPR) reported a quarterly loss of $0.55/ share, smaller than the 58 cents a share that analysts were expecting. Revenue topped Street forecasts and Express said it expects sequential comparable sales improvement throughout this year. Its shares fell 7.1% in the premarket after an initial jump higher.

Dogecoin, the crypto based on a joke, popped more than 30% yesterday in anticipation of Coinbase (COIN) allowing it to be traded on its Pro platform. With a market cap of about $54 billion, it’s now the sixth-most valuable crypto.

The weekly unemployment report will be released.

Amazon (AMZN) sets Prime Day for June 21-22.

This wraps up today's stock market news.

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