Stocks fell broadly on economic turmoil as AMC Entertainment and Paramount struggled to stay in the green in late morning trading after the opening of the biggest Memorial Day movie ever in Top Gun: Maverick.
Things have changed quickly lately on Wall Street weighed down by the latest news on the war, inflation and interest rates, so that’s not the last word for today’s session – the first since Friday and the explosive performance of the Tom Cruise action movie which is great news for cinemas and Paramount.
Joseph Kosinski’s directed sequel to the 1986 cruise course in which Navy fighter pilot Pete “Maverick” Mitchell earned more than $153 million over his four-day weekend, topping the previous 2007 tire record. Pirates of the Caribbean: At World’s End. It also blew past expectations in a theater sector still struggling to recover from the Covid-induced shutdown, shifting release schedules and consumer reluctance – especially among legacy demos. The good news is that a large part of Better The audience was over 35 years old.
Shares of the giant AMC chain are trading at around $14.75, up about 2%. The stock rose 10% in pre-market trading but fell at the open, briefly falling into the red.
Paramount Global shares are up 0.5% at $34. They were also in red earlier. Top Gun 2 It is the fifth No. 1 studio opening in 2022 after Scream, donkey forever, lost city And the sonic the hedgehog 2, A list built on a strong diversity of winning products.
All of the broader markets were lower today, although they were also off session lows. S&P 500 down 0.73%; The Nasdaq is up 0.76%. The Dow Jones Industrial Average fell 225 points, or 0.68%.
The stock took a stab at a rally late last week (a bounce that shattered the S&P 500’s longest losing streak in more than 20 years) but took a fresh hit as oil prices soared after the European Union voted in favor of a partial ban on Russian oil imports in response to Vladimir Putin’s invasion. Ukraine and the ongoing war there. Consumers and businesses alike are under pressure from rising food and energy prices, supply chain disruptions linked to the COVID-19 virus and war.
Elsewhere on the gallery front, Imax is softer, from 1.15% Cinemark down $1.58. Shares of Marcus, which owns theaters and hotels, rose 1.1 percent.