AMC, Bitcoin, Lordstown, Merck: What to watch out for when the stock exchange opens today

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WSJ.com: Markets

Updated October 1, 2021 at 9:17 a.m. ET

The futures are rising, reversing previous losses, suggesting that Wall Street indices could rise on their first day of trading in the fourth quarter. Here’s what we’re watching ahead of Friday’s market opening.

  • Theater chain and meme-stock darling AMC Entertainment AMC 1.05%

    rose 3.5% ahead of the market after debt buyback was announced, lowering the total cost of interest.

  • Cryptocurrencies by and large were on the rise on Friday and should benefit from greater optimism at the start of the fourth quarter following the latest range-bound trade, said Naeem Aslam, senior market analyst at brokerage AvaTrade. Bitcoin’s price rose 8.9% on Thursday from its 5 p.m. ET level. Fed chief Jerome Powell said Thursday that the US had no plans to ban cryptocurrencies, which may add to the positive sentiment after China declared them illegal last week. Coinbase COIN crypto exchange 1.61%

    Global shares gained 3.2% pre-IPO.

  • Lordstown Motors RIDE -18.17%

    rose 9.3% before the bell. The electric truck manufacturer plans to sell its factory in Ohio to contract fitter Foxconn.

On June 22, 2021, Lordstown Motors employees will be showing an excerpt from the assembly process of the endurance truck at their plant in Lordstown, Oh ..


Photo:

Nate Smallwood for the Wall Street Journal

  • Merck MRK 8.37%

    Stocks rose 8.4%. The drug maker and its partner Ridgeback Biotherapeutics said their experimental Covid-19 pill helped prevent high-risk patients from becoming seriously ill and dying early in the disease in a pivotal study. Shares in vaccine maker Moderna MRNA -11.37%

    and Novavax NVAX -12.40%

    decreased by 5.6% and 8.4%, respectively.

  • Jefferies Financial Group JEF 2.10%

    Shares gained 2.2% before the IPO. The financial services firm posted higher earnings last quarter, fueled by an increase in revenue from strong investment banking activity.

  • Zoom video communication ZM 2.30%

    ‘Nearly $ 15 billion offer to acquire contact center company Five9 FIVN 4.71%

    was shot down on Thursday, undoing a major expansion plan for the video conferencing powerhouse. Zoom stocks rose 3.2% and Five9s rose 2.7%.

Chart of the day
  • A niche area of ​​the cloud software market that helps companies connect with customers has produced impressive returns for investors. The skyrocketing share prices are helping fuel a deal frenzy in the industry.

Write to James Willhite at james.willhite@wsj.com

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