AMC Entertainment Holdings Inc. stocks (NYSE: AMC) gained on the rebound in Wall Street and rebounded nearly 3% to recapture the $12 mark, extending their recovery into a second consecutive trading day. The AMC stock price rose as high as $12.86 before finishing at $12.23.
AMC stock rebounded considerably after Wednesday when it appeared set to fall back to its 52-week lows. AMC shares rocketed 14.34% and closed at $11.88 as a result. The surge was the most significant single rise AMC has experienced in recent weeks, and it illustrates the day-to-day volatility of meme stocks. The Dow Jones, S&P 500, and NASDAQ all rallied following the May FOMC minutes’ publication, which likely spurred buying across the board.
On Wednesday, GameStop stock (GME) jumped by 29.19%, the only meme stock that was seeing curious behavior. Although no specific news was coming from either company, both firms’ ticker symbols were trending on social media. As a result, trading volume was higher than usual. GameStop’s recent launch of its non-custodial crypto and NFT wallet had little influence on its share price, causing Wednesday’s surge to be a strange one.
Investors appear to be getting bullish on AMC stock in anticipation of the next Hollywood blockbuster, Top Gun: Maverick, which will open in US theaters this weekend. It is predicted that the film will outperform this year’s biggest hit so far, Doctor Strange in the Multiverse of Madness. It is expected that Top Gun: Maverick will generate between $98 million and $125 million in domestic sales during its first weekend on screens.
The S&P 500 lost 1.7% on Thursday after the post-FOMC Minutes rally extended on Wall Street. The Nasdaq Composite rose 2.68%. The S&P 500 rose 92 points or 2.31%. Despite the 1.5% contraction in GDP, the economy contracted at an annualized pace of 1.4% in the first quarter, according to the official report, worse than the previous estimate of 1.4%.
AMC stock has risen 6.4% to $12.64 on Thursday, with a 1.5% rise in the S&P 500 and a 1.9% increase in the Nasdaq. However, nothing much has transpired at AMC since National Cinemedia’s 6.8% rise last week, except Switzerland’s central bank recently purchased AMC shares.
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