AMC Entertainment Surges Almost 27%

Wall Street drifted through a quiet day of trading as AI stocks trimmed some of their sharp recent losses.

• The S&P 500 fell 14.41 points, or 0.2%, to 7,443.28, coming off just its third losing week since the end of March.
• The Dow Jones Industrial Average fell 307.16 points, or 0.6%, to 51,839.26.
• The Nasdaq Nasdaq composite fell 12.17 points, or less than 0.1%, to 25,508.07.

A 3.8% drop for Warner Bros. Discovery helped erase a gain for the S&P 500 early in the day, the AP reports. A federal judge ordered it and Paramount to halt their $81 billion merger for at least two weeks, allowing states that are challenging the deal more time to see their case through in court. Stocks also felt pressure from rising yields in the bond market, which continue to climb with oil prices.

Nvidia added 0.2% and held firmer following its drop on Friday, when it was the heaviest weight on the S&P 500. Sandisk climbed 2.7% after tumbling 29% last week. Advanced Micro Devices rose 1.6% after announcing an expanded partnership where Microsoft will use its products for AI, including its new Helios product starting in the second half of the year. Some of the biggest spenders on AI will report their latest quarterly results this week. On Wednesday, Alphabet will tell investors how much it made during the spring and give updates on its AI efforts.

AMC Entertainment jumped 26.8% after the movie-theater operator reported stronger revenue for the latest quarter than analysts expected. It also said some of its theaters in Los Angeles and other cities ran The Odyssey for more than 85 straight hours from Thursday through Sunday to meet demand.

• Domino's Pizza climbed 2.1% after delivering stronger revenue for the spring than expected. CEO Russell Weiner said the company saw growth in orders for both its carryout and delivery businesses, even with the broad industry continuing "to face pressure on consumer demand." Another restaurant chain, Jersey Mike's, is beginning its roadshow to raise interest in its stock, which it's planning to sell on the New York Stock Exchange for between $21 and $25 per share in an initial public offering.

Jersey Mike's and other businesses are facing pressure in selling to US households feeling crunched by still-high inflation, thanks in large part to high gasoline prices. The average cost for a gallon of gasoline in the United States is back above $4. It's been tracking the increase in crude oil prices. After dropping below $72 early this month, roughly back to where it was before the war with Iran began, the price for a barrel of Brent crude has been jumping recently as fighting continues in the Middle East. On Monday, the price swung between roughly $86 and $91. It settled at $89.22, up 1.3%.