Stocks inch closer to all-time highs, AMC, Blackberry jump

WASHINGTON (Foxnews): U.S. equity markets were little changed Wednesday morning as the major averages hovered just below all-time highs.

The Dow Jones Industrial Average was higher by 55 points, or 0.16%, while the S&P 500 and the Nasdaq Composite ticked up 0.14% and 0.08%, respectively. All three major averages were within striking distance of all-time highs.

The choppy trade comes ahead of the Federal Reserve’s 2 p.m. ET release of its latest Beige Book, which will give anecdotal information on current economic conditions across the country.

In stocks, JBS SA says the “vast majority” of its nine U.S. plants will be up and running on Wednesday after the meat producer took them offline following a cybersecurity attack. The company produces about 25% of U.S. beef supplies.

AMC Entertainment shares remain in focus following news that hedge fund Mudrick Capital on Tuesday flipped the 8.5 million shares it had acquired earlier in the day for a profit. AMC’s stock has soared 165% since the beginning of last week. The company also announced new perks for retail investors including a communication portal and free popcorn and screenings. Another so-called meme stock, BlackBerry, also saw gains.

In earnings, Zoom Video Communications Inc. reported earnings and revenue that blew past Wall Street estimates but warned the strong growth experienced during the pandemic was set to slow.

Advance Auto Parts Inc said quarterly profit nearly tripled versus a year ago as sales grew by a record 23.4%. The company raised both its full-year sales and full-year same-store sales outlook.

In deals, Etsy Inc. agreed to acquire privately-owned fashion marketplace Depop for $1.63 billion.

In commodities, West Texas Intermediate crude oil jumped 65 cents to $68.37 per barrel, and was holding near its highest level in two and a half years. Gold, meanwhile, edged up $2.60 to $1,907.60 an ounce.

Overseas bourses were mixed.

European markets rallied across the board with Germany’s DAX 30 rising 0.15%, Britain’s FTSE 100 advancing 0.12% and France’s CAC 30 climbing 0.31%.

In Asia, Japan’s Nikkei 225 jumped 0.46% while Hong Kong’s Hang Seng index and China’s Shanghai Composite fell 0.58% and 0.76%, respectively.