AMC jumps, leads latest surge of meme stocks
Energy strong among SP sectors; materials slump
Labor market reports due later in week Updates with close of U.S. trading
By Lewis Krauskopf, Medha Singh and Shashank Nayar
June 2 Reuters Wall Streets main indexes closed little changed on Wednesday ahead of key U.S. economic data due later in the week as investors weighed inflation concerns and a fresh surge in socalled meme stocks.
The SP 500 energy sector, the bestperforming group this year, extended its rise as oil prices pushed higher. The materials sector fell while a drop in Tesla Inc shares dragged on the SP 500 and the Nasdaq Composite.
A weekly unemployment report and May private payrolls data on Thursday will be followed by monthly jobs numbers on Friday, with investors looking for signs of an economic rebound and rising inflation.
We are looking ahead to the Friday employment report and anticipating that it is going to be significantly better than last months report, said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago.
Unofficially, the Dow Jones Industrial Average rose 31.25 points, or 0.09, to 34,606.56, the SP 500 gained 7.13 points, or 0.17, to 4,209.17 and the Nasdaq Composite added 22.37 points, or 0.16, to 13,758.84.
The benchmark SP 500 is up about 12 this year, and within about 1 of its record high, as investors anticipate an economic rebound from the coronavirus pandemic.
After the fastest start to a bull market…