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By Nicholas
Jasinski | Wednesday, June 2 Soaring. Meme-stock
mania captivated markets again today, as major indexes bounced around to
end the day relatively unchanged. Those in the mood had the Federal
Reserve's latest beige
book to flip through today, with anecdotes
from businesses across the country about the economic conditions they are seeing. In short,
they're seeing faster-than-expected growth and rising inflationary
pressures. Barron's Lisa Beilfuss has more details here. Economists
and Fed watchers are looking ahead to this Friday's May
jobs report, and the potentially
critical meeting of the Federal Open
Market Committee on June 15 and 16. Depending on how the
former goes, the latter may include a major announcement on the Fed's next
monetary-policy move. After the
bell today, the central bank announced that it would begin winding down its Secondary
Market Corporate Credit Facility, which
holds close to $14 billion in corporate bonds from companies like Visa and Walmart, and
exchange-traded funds that hold more corporate debt, like the Vanguard
Short-Term Corporate Bond ETF. That's
separate from the Fed's $120 billion-a-month asset purchase program, and its
more-than $7 trillion balance sheet of U.S. Treasuries and mortgage-backed
securities. The S&P
500, Dow Jones Industrial Average, and Nasdaq Composite all ticked
up roughly 0.1% today. Energy stocks had another good day, as U.S. oil prices
rose to their highest levels since late 2018. West
Texas Intermediate oil has gained in seven of the past
eight trading sessions. It settled up 1.6% today, at $68.83 a
barrel. But all eyes
were elsewhere today. Retail investor-driven buying of heavily shorted stocks
is back, with AMC Entertainment Holdings
at the center of the action today. More on
that below. |
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DJIA: +0.07% to 34,600.38 The Hot
Stock: Schlumberger +7.7% Best Sector:
Energy +1.9%
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