Futures are down, putting the S&P 500 on track for its worst week in almost a year. Here’s what we’re watching ahead of Friday’s market open.
- Theater chain and meme stock favorite AMC Entertainment AMC 7.09% rose 2.3% premarket after announcing the repurchase of debt securities that lowered its overall interest costs.
- Cryptocurrencies were broadly on the rise Friday. Bitcoin’s price jumped nearly 10% on from its 5 p.m. ET level on Thursday. Cryptocurrency exchange Coinbase COIN 0.98% Global’s shares gained 5.6% premarket.
- Lordstown Motors RIDE 8.42% climbed 4.4% ahead of the bell. The electric-truck maker plans to sell its factory in Ohio to contract assembler Foxconn, marking a major pivot for the cash-strapped startup as it works to bring its first pickup to market.
Lordstown Motors’ employees show a section of the assembly process of the Endurance truck inside their factory in Lordstown, Oh.., on June 22, 2021.
Photo: Nate Smallwood for The Wall Street Journal
- Merck MRK 0.03% shares jumped 4.7%. The drugmaker and its partner Ridgeback Biotherapeutics said their experimental Covid-19 pill helped prevent high-risk people early in the course of the disease in a pivotal study from becoming seriously ill and dying. Shares of vaccine makers Moderna MRNA 1.57% and Novavax NVAX 1.86% dropped, by 4.1% and 3% respectively.
- Jefferies Financial Group JEF -1.54% shares added 1.1% premarket. The financial-services company reported higher earnings in the latest quarter, lifted by an increase in revenue driven by strong investment banking activity.
- Zoom Video Communications ZM 1.59% ‘ nearly $15 billion bid to acquire contact center company Five9 FIVN -1.23% was shot down Thursday, dashing a major expansion plan for the videoconferencing powerhouse. Zoom shares gained 1.1%, Five9’s slipped 1.7%.
Chart of the Day
- A niche corner of the cloud software market that helps companies connect with customers has produced some impressive returns for investors. Skyrocketing share prices are helping fuel a deal frenzy in the space.
Write to James Willhite at [email protected]
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