News

Futures Hit Fresh All Time High With Fed Meeting Looming

S&P futures hit a record high on Monday in a muted session which saw several Asian countries on holiday (China, Hong Kong and Taiwan are enjoying an extended weekend for the Dragon Boat Festival) as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy although there is some debate whether the Fed will hint at tapering and/or hike its administered rates (IOER/RRP). At 730 a.m. ET, Dow e-minis were down 14 points, or 0.04%, S&P 500 e-minis were up 3 points, or 0.07%, to 4,239 and Nasdaq 100 e-minis were up 45 points, or 0.33%. 10Y yield rose as the rally in bonds lost steam while the dollar was flat, and the VIX traded below 16. Bitcoin traded near $40,000 after Musk tweeted over the weekend that Tesla had not sold more of the crypto.

In premarket moves, oil giants Chevron, Exxon, Marathon, Schlumberger, Occidental and Marathon Petroleum rose between 0.2% and 1.3% as crude prices hit their highest levels in more than two years. United Airlines Holdings and American Airlines Group rose 0.7% each after Citigroup raised its price target on the stocks. Some other notable premarket movers:

  • Retail favorite AMC Entertainment climbed in U.S. premarket trading, extending Friday’s 15% rally. Other meme stocks are also gaining. AMC traded at $50.70 in premarket trading, up 2.6% from Friday’s close of $49.40. The stock rose 3.1% last week after almost quadrupling over the previous two weeks, with the money- losing movie theater chain having become the new favorite of meme-stock investors
  • GameStop rises 1.7%, extending Friday’s 5.9% advance.
  • Among other meme stocks climbing on Monday, Clean Energy Fuels adds 4.4%, Jaguar Health +3.7%, Naked Brand +3.1%, Workhorse +2.3%

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s