Five-day win streak for the Dow | AMC rises 95% | Companies are spending, but workers hard to find, Fed says

The real story was the heated trading going on in AMC Entertainment.

VIEW IN BROWSER | SUBSCRIBE WED, JUN 02, 2021 EVENING BRIEF AS OF WED, JUN 02, 2021 • 05:16 ET DJIA 34600.38 +0.07% +25.07 S&P 500 4208.12 +0.14% +6.08 NASDAQ 13756.33 +0.14% +19.85   Most Active DOW NAME LAST CHG %CHG AAPL 125.06 +0.78 +0.63% MSFT 247.30 -0.10 -0.04% INTC 57.48 +0.59 +1.04% S&P 500 NAME LAST CHG %CHG F 14.91 +0.10 +0.68% AAPL 125.06 +0.78 +0.63% AAL 25.82 +1.15 +4.66% NASDAQ NAME LAST CHG %CHG AAPL 125.06 +0.78 +0.63% AMD 81.97 +1.16 +1.44% SIRI 6.45 +0.17 +2.71%   EDITOR'S NOTE It was a quiet day for the three major stock indexes, which notched incremental gains on Wednesday. The S&P 500 and the tech-heavy Nasdaq Composite both rose 0.14%, while the Dow Jones Industrial Average climbed 25.07 points to reach 34,600.38.   Energy companies helped lift the Dow and the S&P 500, catching a tail wind from rising oil prices. Chevron gained 1.3%, while Schlumberger climbed nearly 7.7%. Occidental Petroleum climbed 2.7%.   But the real story was the heated trading going on in AMC Entertainment, as the movie theater operator ended the day up more than 95%. At one point, the activity in the name was so fervent that trading was temporarily paused around midday. Indeed, Mudrick Capital, which reportedly flipped 8.5 million shares of AMC on Tuesday, may have missed out on a windfall of more than $300 million.   Other speculative favorites enjoyed a bounce. Bed Bath & Beyond jumped 62%, while BlackBerry rose nearly 32%.   While Goldman Sachs believes that the market is too upbeat about where movie theaters will stand in the recovery – the bank downgraded Imax and Cinemark to sell – small-time retail investors aren't necessarily interested in such projections. That shows with Reddit favorite AMC.   "They're bent on some sort of contest where they want to destroy the shorts, and anybody who says it's overvalued is immediately a target," said CNBC's Jim Cramer on Wednesday. Darla Mercado | CNBC Markets and Investing Editor @Darla_Mercado TOP NEWS  Stocks rise slightly as the S&P 500 hovers near a record AMC trading frenzy doubles stock price as movie chain further embraces its retail investors Goldman downgrades Imax and Cinemark to sell, says theater stock rebound has gone too far Companies spending more on wages and supplies, but still can't find enough workers, Fed report says Housing boom may be cooling as weekly mortgage demand drops again Twelve U.S. states have 70% of adults at least partially vaccinated Mudrick Capital may have missed out on more than $300 million by dumping AMC a day early Cramer says AMC pop reflects 'brilliant' CEO moves, sees buyouts as a way to justify valuation 3.7 million Americans set to lose unemployment benefits early as 25 states exit federal programs Bed Bath & Beyond shares surge about 50%, buoyed by meme stock mania, product news   TOP VIDEO Two experts on what the Fed's Beige Book says about the economy   CNBC PRO These are JPMorgan's top stock picks for June   SPECIAL REPORTS A record 41 women are Fortune 500 CEOs—and for the first time two Black women made the list A SPAC frenzy earlier this year could lead to riskier deals. Here's why   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS