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Futures Stuck At 4200 Gamma Pin As Traders Fixate On Meme Stocks

One day after a concurrent ramp (then reversal) in stocks and the VIX prompted some confusion on trading desks, on Wednesday e-mini futs were stuck at the 4200 gamma pin…while European stocks rose and Asian markets fell as the tussle between economic optimism and inflation concern continues to play out in markets. Bitcoin and the dollar ticked up, oil and treasuries were mostly flat.

The S&P 500 slipped fractionally after three straight days of gains on Tuesday as losses in healthcare and technology stocks overshadowed gains in economically sensitive financials and energy after upbeat U.S. factory activity data. While futures were little changed – with Dow e-minis up 36 points, or 0.10%, S&P 500 e-minis up 0.75 points, or 0.02%, and Nasdaq 100 e-minis flat – ahead of key economic data due later this week, it was the latest leg of the surge in “meme stocks” that stood out in early moves on Wall Street on Wednesday. Here are some of the biggest U.S. movers today:

  • AMC Entertainment (AMC) extends rally in premarket trading, rising 31% to $44 after raising $230.5 million in a stock sale to Mudrick Capital Management. The stock has since faded much of its gains.
  • Cannabis stocks like Tilray (TLRY) and Aurora Cannabis (ACB) climb in premarket trading after Amazon.com (AMZN) said it will actively support proposed U.S. legislation that would legalize marijuana at the federal level.
  • Etsy Inc rose 1% after the company said it would acquire Depop, a privately held fashion marketplace, for $1.63 billion, as the online seller looks to attract Gen-Z consumers.
  • IRhythm Technologies (IRTC) drops 13% after saying Chief Executive Officer Mike Coyle plans to resign due to personal matters.
  • Orbital Energy Group (OEG) drops 4.5%, reversing some of Tuesday’s 115% rally after its unit Gibson Technical Services reached an agreement with telecom service provider TEC for a project in central Mississippi.
  • Zoom Video Communications (ZM) gains 2.8% after analysts said its quarterly results signaled a good start to the year.

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