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Today in the Market (5/31/2022)

Good Evening. After a recovery late last week failed to maintain pace, US markets ended a tumultuous month of May down on Tuesday.

In a turbulent session, the S&P 500 dropped 0.63%, while the Dow Jones dropped 0.67%. The Nasdaq Composite Index fell 0.41%.

THE MEME STOCK IS BACK AT IT AGAIN

This Memorial Day weekend, AMC Theatres (AMC), the largest theater exhibitor in the United States and the world, felt the need for speed. And there’s the matter of popcorn. Also, there is a demand for additional showtimes. All of this contributed to meeting the high demand for TOP GUN: MAVERICK’s historic weekend debut.

The box office continues to show signs of recovery, as evidenced by the record-breaking success of TOP GUN: MAVERICK. The domestic box office increased by 122% year-over-year, led by the launch of Top Gun, when compared to Memorial Day 2021, which featured A QUIET PLACE PART II and the live-action CRUELLA. It was also stated that 55% of the entire domestic audience was 35 or older this year, indicating that older Americans are returning to the movies.

During the holiday weekend, more than 5 million people visited an AMC worldwide, compared to approximately 2.6 million the same weekend in 2021.

ECONOMY

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For investors, the holiday-shortened week is data-heavy, and early indications from May indicate some “better than expected” reports pouring in as recession worry has escalated in recent weeks.

The MNI-Chicago PMI for May came in at 60.3, which was higher than the projected 55. For this report, a score of more than 50 indicates that the economy is expanding.

The Conference Board’s newest survey of consumer confidence also exceeded expectations, with a rating of 106.4 in May, compared to an estimate of 103.5. And, despite the fact that this month’s number is lower than April’s, the report revealed that “views of current business conditions—which tend to move ahead of trends in jobs—improved. Overall, the Present Situation Index remains at strong levels, suggesting growth did not contract further in Q2.”

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