AMC Stock Price: AMC Entertainment drops lower during market meltdown

NYSE:AMC fell by 6.55% during Thursday’s trading session.
Hycroft Mining soars higher after reporting its earnings on Wednesday after the close.
Coinbase launches its NFT Marketplace to little fanfare.

Stocks Reporter FXStreet

NYSE:AMC continued its downward trajectory in 2022 as the meme stock stood no chance against the tidal wave of selling that hit the markets on Thursday. Shares of AMC dropped a further 6.55% and closed the bloody session at $14.69. The meme stock has now lost 28% over the past month of trading and 45% year to date. There was little celebration on Wall Street for Cinco de Mayo as the markets saw their worst day of the year and one of the worst since March of 2020. The Dow Jones dropped by 1,063 basis points, while the S&P 500 and NASDAQ lost 3.56% and 4.99% respectively during the session.

Stay up to speed with hot stocks' news!

AMC’s recent investment in Hycroft Mining (NASDAQ:HYMC) hasn’t really paid any dividends for the company as of yet. On Wednesday after the close, Hycroft reported its first quarter earnings and on Thursday shares of the miner were up by 15.0%. Investors were pleased with the fact that AMC’s investment in Hycroft allowed the mining company to reduce its debts and even launch a new exploration program. The company also revealed it is getting set to launch a drilling program to optimize the potential output from its mine.

AMC stock forecast

AMC’s running mate GameStop (NYSE:GME) will be looking to launch its NFT marketplace at some point in the near future. This has been one of the major catalysts for the company’s ongoing digital transformation. Earlier this week, Coinbase (NASDAQ:COIN) launched the beta version of its NFT Marketplace and the initial fanfare was non-existent. Reports suggest that only 150 members signed up for the marketplace in what was a very underwhelming launch. If this is indicative of how GameStop’s launch will go, then we might see further downside in GameStop’s stock.

Like this article? Help us with some feedback by answering this survey:

Author

Stocks Reporter

FXStreet

AUD/USD bounces off multi-month low, nears 0.6900

AUD/USD edges higher toward 0.6900 in the Asian session on Wednesday, recovering some of the previous day’s losses to its lowest level since March as the US Dollar stalls the hot US CPI-inspired rally amid hopes of a US-Iran peace deal. Meanwhile, hawkish comments from FOMC members have almost confirmed another December rate hike, which favors USD bulls and should cap the Aussie.

USD/JPY remains capped below 159.00 amid looming intervention risks

USD/JPY struggles to build on the previous day’s strong gains to a near one-month top as intervention risk supports the Japanese Yen while hopes of a US-Iran peace deal cap the safe-haven US Dollar. That keeps the pair's upside limited below 159.00, for now.

Gold puts the $4,000 mark to the test

Gold now accelerates its daily correction, challenging the key $4,000 mark per troy ounce on Wednesday. The precious metal’s continuation of the downward trend comes against the backdrop of a robust performance of the US Dollar, rising US Treasury yields across the board and rising bets of extra rate hikes by the Fed.

Bitcoin Bull Score falls to 20 as USDT supply shrinks – CryptoQuant

Bitcoin's (BTC) market indicators have turned bearish at the same time, raising concerns that the top crypto could face a deeper correction despite historical similarities to previous market bottoms. In a report published Wednesday, CryptoQuant noted that its Bull Score Index dropped from 90 on October 13 to 20 in less than four weeks, reflecting a sharp deterioration in market conditions.

The Japanese Yen is doing something it hasn't done in ten weeks

USD/JPY climbs above the 159.00 resistance level, extending its advance on Wednesday, and bringing the Japanese Yen back toward its weakest levels in ten weeks amid renewed strength in the US Dollar. The move reflects a sharp repricing of Federal Reserve interest rate expectations following hawkish comments from Fed Governor Christopher Waller and stronger-than-expected US consumer inflation data.

What the US CPI headline doesn’t tell you about inflation

Brent crude has fallen about a third since mid-October on hopes the Iran war is ending, but diesel, freight and fertiliser costs haven't followed. Those costs reach US consumer prices in stages through 2027 and could keep inflation high after gasoline gets cheaper.