Massive Rally as Dow Surges 300 Points at Open, S&P Nears Record High

Traders opened the month of June with a burst of enthusiasm as the Dow traded up as much as 300 points at the start of early trading.

U.S. stocks rallied as investors pushed aside any lingering fears about the pandemic, amid hopes that the global recovery is well underway.

Within 20 minutes of the open, however, the enthusiasm was slightly tempered. By 9:45am ET, the markets were still trading higher but off the opening highs.

  • S&P 500: 4,221.42, +0.41%
  • Nasdaq: 13,828.17, +0.57%
  • DOW: 34,673.00, +0.42%

U.S. Dollar and Treasuries

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The U.S. dollar slid relative to a basket of other currencies and 10-year treasury yields increased slightly.

  • U.S. Dollar Index (DXY): 89.80, -0.26%
  • 10-year Treasury yield: 1.636%, from previous 1.610%
  • 2-year Treasury yield: 0.145%, from previous 0.140%

Stocks To Watch

AMC announced a sale of 8.5 million shares to an investment firm Mudrick Capital, at $27.12 per share. The deal would allow the company to raise $230.5 million to invest in existing theaters. The company is expected to benefit from the end of coronavirus lockdowns. As a result, the stock surged 17% in premarket trading.

Oil stocks spiked in premarket trading, as investors sought exposure to rising oil prices. Oil companies such as Occidental Petroleum, Devon Energy and Marathon Oil all saw a spike in share prices.

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Pharmaceutical company Alkermes announced that the U.S. Food and Drug Administration approved its schizophrenia drug. The drug Lybalvi will be used for schizophrenia and bipolar disorder and is set to be released by the end of 2021.

Beyond Meat stock has undergone correction as investors questioned whether its current valuation is justified. The company’s stock spiked 20% after the “value six-pack” Beyond Burget hit the shelves in Canada.

  • AMC AMC Entertainment Holdings Inc. $30.54 +17.00%, 16.79M (volume)
  • OXY Occidental Petroleum Corp. $26.77, +3.12%, 80.9K (volume)
  • MRO Marathon Oil Corp. $12.49, +3.14%, 45.29K (volume)
  • DVN Devon Energy Corp. $27.52, +3.61%, 29.61K (volume)
  • ALKS Alkermes PLC $24.41, +7.68%, 51.2K (volume)
  • BYND Beyond Meat Inc. $143.33, -1.44%, 56.6K (volume)

Commodities To Watch

Supply glut and inflation pushed oil prices up. Gold is still on the rise, steadily above $1,900 per ounce.

  • Gold: $1,908.20, +0.15%
  • WTI crude: $68.18, +2.80%
  • Brent crude: $70.78, +3.00%

Crypto

The global crypto market cap increased by 0.42% in the last 24 hours.

  • BTC: $36,629.63, -1.25%
  • ETH: $2,628.59, +2.07%
  • DOGE: $0.3255, +2.32%
  • ADA: $1.73, +2.78%

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