U.S. Stocks Open Sharply Lower on Monday; AMC Entertainment Shares Plunge
Tiger Newspress2022-08-22
U.S. stocks fell Monday following a halt in the summer rally last week, as fears of aggressive interest rate hikes returned to Wall Street.
Dow Jones Industrial Average fell 376 points, or by 1.12%. S&P 500 and Nasdaq Composite dropped 1.29% and 1.42%, respectively.
Investors are anticipating what could be a volatile week of trading ahead of Fed Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual Jackson Hole economic symposium.
AMC Entertainment shares cratered more than 37% in morning trading amid newsthat Cineworld, which owns U.S. movie theater chain Regal Cinemas, is considering filing for bankruptcy.
The stock move came ahead of the launch of AMC’s “APE” preferred equity units on Monday.
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