AMC Share Price: AMC Leads the way as meme stocks rebound to start the week

NYSE:AMC surged by 8.92% on Monday as meme stocks rallied out of the weekend.
AMC Apes continue to target institutions with its #DarkpoolAbuse movement.
U.S. theaters see the weakest weekend so far this summer.

Stocks Reporter FXStreet

NYSE:AMC is still beaten down, but you have to give credit to its loyal following for remaining steadfast in their movement. Shares of AMC rebounded on Monday, gaining 8.92% to close the session at $40.29. The broader markets exhibited further trepidation ahead of the monetary policy updates from the Federal Reserve later this week. The major indices were anchored by big tech having a strong day, although small-cap stocks had a whipsaw session with the Russell 2000 eking out a small gain by the closing bell.

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AMC Apes continued to push the agenda for the SEC to investigate dark pool activity for the stock. The hashtag #DarkPoolAbuse was still trending in Twitter investing circles, as the war against institutional investors continues to be the driving force behind the short squeeze movement. Adding another layer to this, is the impending IPO of the trading platform Robinhood, which retail traders allege manipulated the initial short squeeze of GameStop (NYSE:GME) back in January. Robinhood also sees much of its revenues from payment for order flow, which has been another controversial part of its business model.

AMC stock forecast

AMC is also still struggling on the business side of things as U.S. theater locations saw the lowest box office revenues of the summer so far. Total ticket sales failed to reach $70 million for the first time this summer, and is a far cry from two years ago when theaters reported $155 million in revenue for the same weekend. A lack of summer blockbusters and rising delta variant cases are thought to be reasons for the slow box office weekend.

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FXStreet

AUD/USD struggles below 0.7100, lowest since August 4 amid bullish USD

AUD/USD remains depressed below 0.7100 at the start of a new week, trading near its lowest level since August 4 amid a bullish US Dollar. US bond yields hold near multi-year highs amid inflation risks from higher oil prices and rising bets on a Fed rate hike in October. This, along with the US-Iran standoff, continues to underpin the safe-haven buck and weigh on the currency pair as traders now look to the RBA policy meeting on Tuesday.

USD/JPY climbs back to 157.75 after BoJ minutes amid firm USD

USD/JPY attracts some dip-buyers at the start of a new week, reversing part of Friday's slide driven by speculation that authorities will step in again to prop up the Japanese Yen. However, the BoJ's relative dovish-leaning tone caps the JPY. Meanwhile, the US Dollar regains traction as the US-Iran standoff supports crude oil prices, fueling inflation fears and reaffirming bets for an October Fed rate hike. This further support the pair.

Gold hangs near monthly low, around $4,250 as Fed hike bets and Iran risks underpin USD

Gold attracts fresh sellers at the start of a new week, sliding back closer to $4,250 and the lower boundary of the monthly range amid a bearish fundamental backdrop. Firming October Fed rate-hike bets, along with oil-driven inflation risks, keep US bond yields elevated near multi-year highs, helping the US Dollar regain positive traction and undermining the non-yielding bullion. Bears, however, await weakness below $4,235 before placing fresh bets.

Week ahead: Rate hike bets face a crucial data week

Despite the solid drop from the mid-September high, oil prices remained in the driver’s seat for another week, setting the tone in financial markets. Six months have passed since the late-February start of the US-Iran conflict, and there is still no breakthrough in the stalled talks, despite pressure from regional leaders and the rest of the world.

After the Trump Xi summit, markets are trading three clocks

The summit delivered time, not a deal. Trade, oil and chips now each run to a date, and the macro backdrop matters more than the pageantry. Markets wanted a deal and got a calendar date instead. Xi Jinping left Washington on Friday after tea at the White House and a tour of the National Archives.

Fed vs BoJ: Both hiked. The market only believes one of them – and the chart shows which

The Fed and the BoJ have just done something remarkably similar. Both central banks raised interest rates by 25 bps last week, both are confronting inflation risks, and both signal that future decisions will depend on incoming economic data.