Futures Jump, Meme Stocks Soar Ahead Of Key Inflation Print

S&P futures rose on Friday after solid economic data and Joe Biden’s leaked $6 trillion federal budget plans spurred a Wall Street rally in cyclical shares ahead of a closely watched inflation report offsetting recent worries about a spike in prices put the S&P 500 on course for its smallest monthly gain since February. At 7:15 a.m. ET, Dow e-minis were up 177 points, or 0.5%, S&P 500 e-minis were up 16 points, or 0.38%, and Nasdaq 100 e-minis were up 48 points, or 0.35%. Treasuries were steady and the dollar strengthened. Markets will be shut on Monday for Memorial Day holiday

In a continuation of yesterday’s retail buying frenzy, meme stocks GameStop and AMC Entertainment were set for a fifth day of gains, soaring 4.1% and 21.8% respectively, extending gains on the back of a social media-led rally that helped double the value of AMC’s stock this week. Here are some of the other biggest U.S. movers today:

HP shares (HPQ) drop 5% in U.S. premarket trading after beating Wall Street estimates but warning that the ongoing computer chip shortage could impact its ability to meet demand for laptops this year. This prompted concerns strong PC sales have peaked. Morgan Stanley sees the pullback as a buying opportunity, calling the supply chain risks “manageable.”


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