Morning Briefing: AMC, GameStop swing as meme stocks run out of air

Moomoo Breakfast US wrote a column · Jul 16, 2021 05:59

By Chloe

Hey moomooers! Here are things you need to know before the opening bell:
- Stock futures waver ahead of consumer data
- Fed's Powell concedes anxiety about inflation but resists policy shift

Market snapshot

Futures contracts tied to the U.S. stock indexes were little changed in early morning trading on Friday as Wall Street neared the end of the first major week of second-quarter earnings reports.

Dow futures gained just 31 points. Contracts linked to the S&P 500 and Nasdaq 100 futures also traded marginally higher.

Morning Briefing: AMC, GameStop swing as meme stocks run out of air

Crypto

$Bitcoin(BTC.CC)$, the leading cryptocurrency, was trading at $31,286 at the time of writing, dipping 1.15% and$Ethereum(ETH.CC)$ was trading at $1,865, dipping 2.76%.

Top news

Stock futures waver ahead of consumer data

U.S. stock futures wavered ahead of data on the vigor of American shoppers, including retail sales figures and a measure of consumer sentiment.

Fed's Powell concedes anxiety about inflation but resists policy shift

Federal Reserve Chairman Jerome Powell said recent inflation was uncomfortably above the levels the central bank seeks, concluding two days of testimony in which he sounded somewhat less confident about the economic outlook and the Fed's policy path than earlier this year.

Infrastructure talks stall over expanded IRS powers

Lawmakers worked to steady their roughly $1 trillion bipartisan infrastructure agreement as one of the plan's central financing proposals appeared to be losing support.

BOJ to offer banks zero-rate loans to tackle climate change

The Bank of Japan said climate change needs to be addressed because of its significant economic and financial impact and will provide zero-rate loans to commercial banks to help companies finance projects to mitigate climate change.

U.S. banking regulators seek comment on third-party relationships guidance

The interagency guidance on third-party relationships proposed by three banking regulators highlights the risks financial institutions face as banks increasingly rely on outside vendors and financial-technology companies for products and services, industry observers said.

AMC, GameStop swing as meme stocks run out of air

Shares of companies that have been popular on Reddit forums are coming back to earth this week, with $Carver Bancorp(CARV.US)$ and $AMC Entertainment(AMC.US)$ losing over a fifth of their value.

Oil-demand rebound could spur inflation, pressure debt-laden nations, OPEC says

Despite uneven Covid-19 vaccination rates and the rise of the Delta variant, the Organization of the Petroleum Exporting Countries expects pandemic-containment measures and stimulus measures to boost oil consumption.

Despite demand, factories still aren't humming

Constraints from chip shortages to a tight labor market are holding back a manufacturing boom.