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Wall Street picks up steams as Dow recovers

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12:10pm: AMC’s June surge continues

The Dow was up 69 points, 0.2%, to 34,644 at midday despite an early morning flicker below the flatline. The Nasdaq improved 30 points, 0.2%, to 13,766, and the S&P 500 ticked up 12 points, 0.3%, to 4,214.

Popular meme stock AMC Entertainment Holdings Inc (NYSE:AMC) was up big again Wednesday. Shares surged roughly 50% to $47.92.

9:45am: Proactive North America headlines:

Viscount Mining Corp (CVE:VML) (OTCQB:VLMGF) (FRA:7VM) encouraged by drill progress at its Kate silver deposit in Colorado

Marvel Discovery Corp (CVE:MARV) (OTCPINK:IMTFF) (FRA:O4T) reveals grab samples of up to 24.3 g/t gold at its Blackfly Gold Project

Nomad Royalty Company Ltd (TSE:NSR) (OTCQX:NSRXF) (FRA:IRLB) completes Caserones mine royalty acquisition; announces share consolidation

Fury Gold Mines Ltd (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN) identifies ‘numerous high quality’ exploration targets at Eau Claire project, Quebec

Byrna Technologies Inc (NASDAQ:BYRN) (CSE:BYRN) files for potential C$50M public offering to build up working capital

Delta 9 Cannabis Inc (TSE:DN) (OTCQX:DLTNF) partner receives five new retail cannabis store licences

Cloud DX Inc (CVE:CDX) extends contract with Canadian health authority

Ready Set Gold Corp (CSE:RDY) (OTCPINK:RDYFF) (FRA:0MZ) appoints financial executive Darren Collins to its board and audit committee

O3 Mining Inc (CVE:OIII) (OTCQX:OIIIF) issues first ESG report amid changing industry practices

MegumaGold (CSE:NSAU) (OTCMKTS:NSAUF) (FRA:2CM2) names Fred Tejada new interim CEO as Regan Isenor resigns

Ximen Mining Corp (CVE:XIM) (OTCQB:XXMMF) hires consultants Masse Environmental and Ecoscape Environmental to advance Kenville gold mine project

9.41am: Wall Street starts mixed

The main indices on Wall Street started Wednesday’s session on a mixed note as a lack of major news left traders searching for direction.

Shortly after the opening bell, the Dow Jones Industrial Average was down 0.06% at 34,553, while the S&P 500 climbed 0.05% to 4,204 and the Nasdaq rose 0.16% to 13,758.

While the performance of the wider market was mixed in early deals, a collection of memestocks favoured by retail traders on the Reddit forum r/wallstreetbets were surging at the open as investors looged to log another session of strong gains.

Cinema chain AMC Entertainment Holdings Inc (NYSE:AMC) was up 19.4% at US$38.58 in early trading while headphone maker Koss Corp jumped 8.7% to US$26.25 and BlackBerry Ltd climbed 13.8% to US$13.14.

7:50am: Wall Street set for mostly flat start

After a fairly uneventful close on Wall Street on Tuesday, things do not look to have changed much, with the opening calls looking far from dramatic.

The Dow Jones Industrial Average is forecast to edge up 22 points or 0.1%, while the S&P 500 and Nasdaq Composite are also expected to be virtually unchanged.

Investors are caught between welcoming the signs of economic recovery shown as the vaccination programmes progress, and worrying about the possible implications of that recovery for inflation and a rise in interest rates.

The latest Federal Reserve Beige Book, due later today, will give some clues as to how businesses and the central bank feel about the current economic situation. Otherwise, there is little in the way of data to swing the market one way or the other.

Four things to watch for on Wednesday:

  • Companies in the earnings diary include data monitoring software group Splunk Inc (NASDAQ:SPLK), cloud data specialist NetApp Inc (NASDAQ:NTAP) and car parts retailer Advance Auto Parts Inc (NYSE:AAP)
  • Shares in handmade and vintage products retail platform Etsy Inc (NASDAQ:ETSY) will also be in focus after the company announced a deal to buy fashion marketplace Depop for US$1.6bn
  • AGMs from a number of major corporates including Google parent Alphabet Inc (NASDAQ:GOOG), Walmart Inc (NYSE:WMT) and Comcast Corp (NASDAQ:CMCSA) may also throw up some insights
  • On the macro front, there is little happening however investors may be interested in US mortgage data as well as speeches from several Fed representatives

Story by ProactiveInvestors


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