U.S. manufacturing saw a greater-than-expected contraction last month
A technical issue that impacted the New York Stock Exchange (NYSE) earlier today, showing A-class shares of Berkshire Hathaway (BRK) and other equities down 100%, appears to be now resolved. Investors are also sifting through the ISM manufacturing index for May, which came in at 48.7, signaling a greater-than-expected contraction last month.
Wall Street is mixed as Treasury yields move lower. At last check, the Dow Jones Industrial Average (DJI) is down over 220 points, the S&P 500 Index (SPX) is slightly below breakeven, and the Nasdaq Composite (IXIC) is looking to snap a three-day losing streak.
Continue reading for more on today's market, including:
- GameStop reigniting retail traders' love of meme stocks.
- Double upgrade boosts retail stock to 52-week highs.
- Plus, another surging meme stock; MarineMax's buyout; and DELL extends slide.
Meme stocks are taking off again after GameStop (GME) staged a meteoric rise. Options traders are targeting AMC Entertainment Holdings Inc (NYSE:AMC), which was last seen 12.7% higher at $4.89. So far, 351,000 calls have crossed the tape, which is double the intraday average volume. New positions are opening at the top four most popular contracts, led by the weekly 6/7 5-strike call. AMC is down 19.7% so far in 2024, however.
Shares of MarineMax Inc (NYSE:HZO) are up 24.4.% at $35.47 at last glance, following news that OneWater Marine (ONEW) could acquire the recreational boat retailer. Eyeing its best single-session percentage gain since 2020, HZO is surging above pressure at its 320-day moving average. Even so, MarineMax stock sports a 10.2% year-to-date deficit.
Meanwhile, Dell Technologies Inc (NYSE:DELL) is extending a post-earnings slide, last seen down 3.6% at $134.50. Comments from the CEO of Arm (ARM) aren't helping the matter, with the chip designer's leader noting it aims to capture more than 50% of the Windows PC market in five years. Now trading back below its 20-day moving average, DELL is still up 74.4% in 2024.
