- NYSE:AMC fell by 3.58% during Wednesday’s trading session.
- AMC falls out of favor as retail investors pile into Shiba Inu Coin.
- Trump-tied meme stocks enjoy a rally on Wednesday.
NYSE:AMC extended its decline on Wednesday as the stock has now dropped by 15% over the past five trading days. Shares of AMC fell by 3.58% during Wednesday's session and closed the day at $34.76. The move lower came alongside an overall red day for the broader markets, as all three major indices failed to continue their recent surge. The S&P 500 and Dow Jones both closed below water, while the NASDAQ closed the day flat as mega-cap tech stocks took a breather from earnings reports. The markets will be watching Thursday, as Amazon (NASDAQ:AMZN) reports its third quarter earnings after the market closes.
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AMC has been falling out of favor as of late, as retail investors rotate into new meme stocks and cryptocurrencies. The crypto markets have been on fire as both Bitcoin and Ethereum approach new all-time highs once again, while other popular cryptos like Solana hit fresh highs of their own. But one meme crypto has been outperforming them all as of late as Shiba Inu Coin, adoringly known as Shib has gained over 100% during the past week already, and continues to reach new all-time highs on a daily basis.
AMC stock forecast
Speaking of the new meme stocks, the Trump-related companies enjoyed a nice rebound on Wednesday. Shares of Digital World Acquisition Corp (NASDAQ:DWAC) and Phunware, Inc (NASDAQ:PHUN) jumped higher by 9.85% and 9.89% respectively after tumbling for the first two days of the week. Investors should keep in mind that DWAC is still a pre-merger SPAC stock, and Phunware has had no official connection with Trump’s Truth Social platform.
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