Wall Street Today | GameStop, AMC drag meme stock group to 7-month low
Asia stocks set to drop amid policy, omicron risks
Asian stocks looked set to fall Tuesday as economic risks from the omicron virus strain and central bank efforts to rein in elevated inflation breed caution. Treasuries and the dollar climbed.
Australian shares dipped, equity futures for Japan and Hong Kong declined and U.S. contracts fluctuated. The $S&P 500 Index(.SPX.US$ dropped from a record and the technology-heavy $Nasdaq Composite Index(.IXIC.US$ underperformed.
GameStop, AMC drag meme stock group to 7-month low
Losses for a basket of so-called meme stocks are mounting, with traders shifting away from riskier assets in the final weeks of the year. $AMC Entertainment(AMC.US$ $GameStop(GME.US$
The group of 37 retail trading favorites tracked by Bloomberg extended losses to 5.5% on Monday, as selling pressure for markets around the globe accelerated. The index has shed almost a quarter of its value over the past three weeks as it slides to the lowest level in seven months.
Nike buys a virtual sneaker maker
The sportswear giant agreed to buy RTFKT, a business founded in 2020 that creates digital products like sneakers and uses blockchain technology to ensure authenticity, according to a statement on Monday.
Bitcoin slide risks break below a key level
Bitcoin's slide from a record high extended into a on Monday. The largest cryptocurrency fell below $48,000 and is now flirting with a breach of its closely-watched 200-day moving average, at about $46,720.
"The idea that as it matured, the volatility would ease has not really materialized," said Marc Chandler, chief market strategist at Bannockburn Global Forex. "The volatility is deadly and its other supposed attributes, like a hedge against inflation, seems spurious."
Apple now lets you choose contacts who can access your account when you die
Until now, it's been very difficult for loved ones to access an Apple account of a family member or friend who died. Without the phone's passcode or iCloud information, surviving family members sometimes had to for access to a deceased loved one's digital data.
$Apple(AAPL.US$ released a big iPhone update on Monday, iOS 15.2, which includes a new feature called Digital Legacy. The change will let you choose specific people who will be able to access your account after you die.
$Apple(AAPL.US$ released a big iPhone update on Monday, iOS 15.2, which includes a new feature called Digital Legacy. The change will let you choose specific people who will be able to access your account after you die.
Elon Musk says dogecoin is better to buy things with than bitcoin
Elon Musk, CEO of $Tesla(TSLA.US$ and SpaceX, has consistently supported dogecoin, a meme-inspired cryptocurrency. He's invested in it, along with bitcoin and ether, he said in October. Musk sees dogecoin as the best cryptocurrency to transact with.
"Fundamentally, bitcoin is not a good substitute for transactional currency," Musk told Time Magazine after being named Time's 2021 Person of the Year. "Even though it was created as a silly joke, dogecoin is better suited for transactions."
Shareholders press Facebook for governance changes
Facebook is facing more calls from shareholders to address harm on its platforms and overall governance as the company, now known as $Meta Platforms(FB.US$ responds to pressure from lawmakers and others.
The resolutions filed by the shareholders include calls for board oversight of efforts to reduce harmful content, an assessment of the risk of the company's metaverse efforts and a review of the social media company's audit and risk committee, according to the Investor Alliance for Human Rights, an initiative of the faith-based investor group Interfaith Center on Corporate Responsibility.
SoftBank poised to complete first Spac deal with AI robotics company Symbotic
$Softbank Holdings(BK2558.US$ is set to complete its first Spac merger by taking public a Walmart-backed artificial intelligence robotics company in a deal valued at $5.5bn. Symbotic, an AI start-up that focuses on improving supply chains for retailers, will merge with SVF Investment Corp 3, a Spac sponsored by SoftBank, the two companies said on Monday.
The blank-cheque merger is the first of its kind for SoftBank, which has raised multiple Spacs and has been hunting for suitable private companies to take public.
The blank-cheque merger is the first of its kind for SoftBank, which has raised multiple Spacs and has been hunting for suitable private companies to take public.
Source: Bloomberg, WSJ, CNBC, Financial Times
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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