Stocks retreated from their record levels and finished the day mixed as the oil price tumbled. The Dow Jones Industrial Average shed more than 100 points while the S&P 500 experienced modest declines. The tech-laden Nasdaq managed to end the day slightly higher.
Meanwhile, Brent crude oil fell more than 2% to below USD 70 per barrel, its lowest point in close to a month. Crude oil prices were hit by a one-two punch of renewed fears that the delta variant will weaken demand for the commodity while China’s oil imports have been on the decline.
In the cryptocurrency markets, the bitcoin price climbed nearly 4% higher despite an infrastructure bill that is advancing and places a target on the blockchain industry’s back with a crypto tax. Despite the setback, Fundstrat experts reportedly predict that the bitcoin price could still be barreling toward USD 100K by year-end.
Stock index futures are barely budging in after-hours trading.
Stocks to Watch
AMC Entertainment shares rallied almost 5% in the extended hours on the heels of the company’s Q2 earnings report. The movie chain reported stronger than expected revenue but still experienced a quarterly loss. AMC made a splash when CEO Adam Aron revealed on the earnings call that the company would accept bitcoin as a payment method for tickets and refreshments.
Shares of fantasy sports brand DraftKings finished the day higher by 1.5% after the company announced plans to buy Golden Nugget Online Gaming in a USD 1.5 billion stock deal. The acquisition will bolster DraftKings’ presence in the internet betting market, and it is expected to close in early 2022.
Shares of luxury consigned goods retailer The RealReal sank more than 6% in after-market hours on the heels of its quarterly results. The RealReal’s revenue fell short of Wall Street expectations. The company, which reported a net loss, continues to be challenged by consumer uncertainty due to the pandemic.
Cryptocurrency exchange Coinbase is on tap to report its quarterly results on Tuesday. While the cryptocurrency industry hit a roadblock in the U.S. this week, investors will likely be focused on the number of users that Coinbase added. The stock continues to trade below its offer price of USD 381.
Cleveland Fed President Loretta Mester is expected to make remarks about inflation on Tuesday.