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Weekly Recap June 5th 2021
An article by • Published Jun 5, 2021


For the week ending June 5th - the S&P 500 rose by 0.6%, the NASDAQ Composite rose by 0.5% and the Dow Jones Industrial Average rose by 0.7%. The 10-year U.S. Treasury Yield Rate lightly declined to 1.56% by Friday, June 4th. AMC Halted Twice In A Reddit Fueled Rally NYSE issued trading halts for AMC Entertainment (ticker:

$AMC) shares this week on Wednesday, June 2nd, and Thursday, June 3rd, due to extraordinary market volatility in AMC stock price. Wall Street Bets, a Reddit community, is speculated to have fueled the rally like the rally in GameStop (ticker:

$GME) earlier this year. The theater chain took the advantage of its soaring stock price through an 
at-the-market (ATM) offering of of its 11.5 million Class A shares
on June 3rd.   Ackman's SPAC To Acquire 10% of Universal Music Hedge fund manager Bill Ackman's SPAC - Pershing Square Tontine Holdings (ticker:
$PSTH
​)
announced
its in discussion with Universal Music Group (UMG) to acquire 10% of the company in a deal valued about $4 billion on Friday, June 4th. Shares of UMG will be distributed to shareholders of the SPAC once UMG completes its listing on Euronext Amsterdam later this year.  Etsy to acquire Depop Etsy (ticker:
$ETSY
)
announced
it will acquire Depop, a London-based fashion resale markeplace platform, for $1.625 billion primarily with cash on June 2nd. Depop's Gross Merchandise Sales (GMS) on the platform was $650 million and revenue was $70 million in 2020, both grew over 100% from 2019. According to the press release, Depop is the 10th most visited shopping site among Gen Z consumers in the U.S.  Economic Updates The U.S. Bureau of Labor Statistics released Non-farm Payroll data for May 2021 on Friday, June 4th and it showed U.S. economy added 559,000 jobs (lower than the gain of 650,000 jobs expected by analysts). The non-farm employment in U.S. for May 2021 is still 7.6 million jobs below the pre-pandemic levels in February 2020.  The U.S. Bureau of Labor Statistics released Unemployment Rate for May 2021 on Friday, June 4th. Unemployment Rate for May was 5.8% (lower than the 5.9% expected by analysts). It is the lowest reported rate since March 2020 but still considerably higher than 3.5% last reported in February 2020.