The real force driving the GameStop revolution
Published article
GameStop store signage is seen on January 27, 2021 in New York City. Stock shares of videogame retailer GameStop Corp has increased 700% in the past two weeks due to amateur investors.
This was the week when a bunch of amateur traders made Wall Street s finest look like idiots.
From Jan. 25 through Jan. 29, a ragtag army of individuals sent shares in GameStop Corp. up 500%, and sent many others skyrocketing too. In three days, many of these stocks gained more than most do in a decade. The hedge funds on the other side of these bets lost billions.
S&P 500 Hovers at Record High, Hang Seng and Nikkei 225 Eye Pullback
S&P 500, HANG SENG, NIKKEI 225, ASIA-PACIFIC MARKET OUTLOOK:
The S&P 500 index closed marginally higher as tech gained, but two thirds of the stocks fell
Asia-Pacific indices look set to pull back slightly from their recent highs
Southbound inflow in HK via stock connections fell for a second day, risking a pullback in the HSI
S&P 500, Hang Seng, Earnings, Asia-Pacific Stocks Outlook:
Asia-Pacific stocks look set to open broadly lower after Wall Street saw a mixed trading session. The S&P 500 index edged marginally higher, led by heavy-weight information technology (+1.32%), consumer discretionary (+0.55%) and communication services (+0.26%), while two thirds of its constituents finished lower. Investors are perhaps looking for fresh catalysts to support Wall Street’s record-breaking rally when stock market valuations are close to two-decade highs.
Nasdaq Hits Record High as Biden Takes Office, Hang Seng Eyes 30,000
NASDAQ 100, HANG SENG, ASX 200 INDEX OUTLOOK:
A “risk-on” rally extended on Wall Street, backed by strong earnings and Biden’s inauguration
The Hang Seng Index looks set to extend gains beyond the 30,000 mark, led by the tech sector
BoJ, ECB interest rate decisions and US weekly jobless claims are in focus today
Nasdaq 100, US Earnings, Hang Seng, ASX 200, Asia-Pacific at Open:
US equities registered strong gains overnight as President Joe Biden’s inauguration brightened the prospects for fiscal stimulus and measures to be put in place to counter the pandemic. Prior to this, Treasury Secretary nominee Janet Yellen showed her support for Biden’s US$ 1.9 trillion fiscal spending plan and opposed tax hikes, which may lend more support to stock markets’ rally.
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(Reuters) - Union Pacific Corp, one of the largest U.S. freight railroad operators, on Thursday reported better-than-expected quarterly profit, bolstered by higher shipping volumes of grain, refrigerated food and drinks, and retail goods.
FILE PHOTO: A Union Pacific rail car is parked at a Burlington National Santa Fe (BNSF) train yard in Seattle, Washington, U.S., February 10, 2017. REUTERS/Chris Helgren
Still, shares in the company fell 4.3% to $208.85 in midday trading on concern that the pace of volume growth and efficiency gains could moderate as a slow vaccine rollout threatens an economy battered by the COVID-19 pandemic.
“All of that all raises some questions,” Edward Jones analyst Jeff Windau said.