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FTSE falls out of bed as meme stocks surge

by LLB Editor
3rd Jun 21 11:35 am

The period earlier in the year when so-called ‘meme’ stocks were soaring wasn’t necessarily the happiest time for the markets overall and it’s notable that after shares in US cinema chain AMC Entertainment soared to a record high overnight the FTSE 100 fell out of bed on Thursday morning.

“National Grid shares trading without the rights to the dividend accounted for some of the weakness but nervousness over inflation may be creeping up too ahead of tomorrow’s key US jobs report.

“There are still so many factors for investors to weigh, such as whether the economy will overheat or whether new Covid variants could prompt a further economic downturn,” says AJ Bell financial analyst Danni Hewson.

“There is also an element of having to second guess how central banks and governments will respond to the rapidly shifting backdrop.

“All of this uncertainty is making it tricky for the markets to make concerted progress as we move towards the halfway point of 2021.”

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