US stock index futures fluctuated listlessly in a narrow range on Friday as investors braced for a crucial report that is likely to show jobs growth accelerated last month, possibly fanning fears over inflation and easing of the Federal Reserve’s support. At 7:30am emini were down 11 points, or 0.03%, S&P 500 e-minis were up 3 points, or 0.08%, and Nasdaq 100 e-minis were up 22 points, or 0.16%. The meme mania was dormant this morning with reddit stocks all lower after peaking two days ago. Treasuries were steady and the dollar rose modestly to fresh 3-week highs. Gold dropped and bitcoin slumped after a Elon Musk tweet trolled cryptos.
Shares of so-called “meme-stocks” weakened in early trade, with AMC Entertainment down nearly 10% a day after the Reddit darling completed its second share offering this week. Here are some of the more notable premarket movers:
- AMC Entertainment (AMC) drops 6% in Friday’s premarket session, falling 6% from the last close, as it sold equity to shore up a depleted balance sheet.Shares of Koss Corp (KOSS), BlackBerry and GameStop (GME) dropped between 2% and 5%.
- Cryptocurrency-exposed companies like Coinbase (COIN) and Marathon Digital (MARA) decline Friday after Elon Musk tweets a broken-heart emoji which appeared to hint at a potential split between the Tesla boss and Bitcoin.
- Other meme stocks like Koss Corp. (KOSS), Express Inc. (EXPR) and BlackBerry (BB) also slide as the meme rally cools.
- Pershing Square Tontine (PSTH) blank-check company falls 7.2% in premarket trading after confirming talks to buy 10% of Universal Music Group from France’s Vivendi.