Good Evening. Wall Street’s major indices rose on Tuesday, despite a steep drop in oil prices, which had risen in recent weeks on fears that the Ukraine conflict might slow global economic development. Investors also considered new data from Washington, which showed that U.S. producer prices remained constant in February for the first time in at least a year, indicating that the tide on inflation may be turning.
After a “death cross” — when the 50-day moving average closes below the 200-day moving average — in Monday’s session, the S&P 500 rose 2.2%. The Dow Jones Industrial Average increased by 1.8%, while the Nasdaq Composite increased by 2.9%.
E-COMMERCE
According to Adobe Analytics, consumer e-commerce spending in the United States is on track to reach a record $1 trillion this year as a result of a pandemic-driven shift to online purchasing. The figure is a 13% increase from 2021.
“The pandemic was a consequential moment for e-commerce. Not only did it accelerate growth by nearly two years, but it also impacted the types of goods consumers are willing to buy online,” Vivek Pandya, lead analyst at Adobe Digital Insights, said.
Non-store and online sales will climb between 11% and 13%, according to the National Retail Federation (NRF), reaching a range of $1.17 trillion to $1.19 trillion.
According to the NRF, overall retail sales, excluding vehicle dealers, petrol stations, and restaurants, are likely to increase by up to 8%.
BUSINESS
There’s gold in them there… movie theaters???? AMC Theaters (AMC) has stated that it will enter the gold mining business. Along with Canadian billionaire Eric Sprott, a gold and silver investor, the movie theater chain stated it bought a stake in precious metals company Hycroft Mining Holdings (HYMC).
“Combined, AMC and Mr. Sprott are investing $56 million, which will help Hycroft considerably lengthen its financial runway. With its investment, AMC has been granted the right to appoint a representative to the Hycroft Board of Directors,” AMC wrote in a press release. “In addition, AMC will receive an additional 23.4 million warrants in Hycroft at $1.07 per share,” said the statement.
As of closing, AMC was up 6.78% to $14.48 per share. Hycroft Mining’s stock soared more than 9% to $1.52 a share.