Here is what you need to know on Tuesday, June 1:
The “Sell in May and go away” advice did not work as planned, and June looks to be opening up with some strong gains if Europe is any indicator. Fed member James Bullard says the employment market is tighter than many think and perhaps hints that tapering may occur sooner than previously thought. Futures shrug it off and head higher anyway. The CDC said on Sunday that at least half of the US population has now received one dose of a covid vaccine. New covid cases in the US hit a low not seen since March 2020 last week, further bolstering the stock market and reopening names in particular. AMC is back again for the trilogy as it raises $230.5 million from Mudrick Capital due to the issuance of 8.5 million new shares. AMC rallied strongly in Tuesday’s premarket.
The dollar remains subdued at 1.220 versus the euro. Oil is on the agenda as the OPEC+ meeting is ongoing with Iranian supply not on the agenda apparently. Oil is nonetheless 2% higher at $68.40. Bitcoin continues to slowly move lower, back at $36,000 now.
European markets are higher: the EuroStoxx and FTSE are +1.5% higher, while the Dax is 1.7% higher.
US futures are also strong with the Nasdaq and Dow both +0.45% and the S&P +0.6%.
It would be rude not to make record highs. Might as well start June off on a positive note. The Nasdaq has a bit more work to do, but it should get there once this 13,679 level is broken, which it will be today.
Fed member James Bullard was quoted in the FT as saying the jobs market is tighter than it looks and perhaps hinting at tapering sooner than previously thought.
Germany reduces its situational level regarding covid from very high to high.
IEA says global oil demand could get back to pre-pandemic levels in a year or so and that oil prices will rise unless OPEC+ raises production.
AMC will sell 8.5 million shares to Mudrick Capital raising $230.5 million. Shares rally 10% in the premarket.
Tesla (TSLA): Elon Musk says the price of Tesla vehicles are rising due to supply chain price pressures industry-wide.
Canopy Growth (CGC) reported revenue growth of 38%.
Boeing (BA) Cowen upgrades the stock.
Nokia (NOK) will collect licensing fees from Daimler after the end of a legal dispute.
NIO saw vehicle deliveries up 95% YoY for May, and Citi upgraded the stock.
Cloudera (CLDR) agrees to be acquired by Clayton, Dubilier & Rice and KKR for $5.3 billion.
Sibanye-Stillwater (SBSW) says it plans to repurchase up to 5% of its ordinary shares.
Alkermes (ALKS) receives FDA approval for LYBALVI for schizophrenia and bipolar treatment.
XPeng (XPEV) announced it delivered 5,686 vehicles in May, up 483% YoY.
Source: Benzinga
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