Wall Street Today | GameStop plans to launch an NFT marketplace
Asia stocks set to recover after U.S. peers steady
Asian stocks looked set for gains Friday after their U.S. peers steadied as investors mulled the Federal Reserve's latest signal it will move aggressively if inflation remains elevated. Treasuries extended a decline.
Futures pointed higher in Japan and shares climbed in Australia following Thursday's selloff. U.S. futures saw modest gains. The $S&P 500 Index(.SPX.US$ closed little changed after attempting to rebound from a near 2% drop Wednesday sparked by Fed meeting minutes that suggested the central bank is ready to raise rates sooner and higher than previously expected.
Number of Nasdaq stocks down 50% or more is almost at a record
A near-record number of tech stocks have plunged by some 50% in an echo of the dot-com crash.
Roughly four in every 10 companies on the $Nasdaq Composite Index(.IXIC.US$ have seen their market values cut in half from their 52-week highs, while the majority of gauge members are mired in bear markets, according to Jason Goepfert, chief research officer at Sundial Capital Research.
Morgan Stanley suggests rout in expensive tech is almost over
The rate-induced selloff in hyper-expensive tech shares has almost run its course, if past shocks are any guide. The news for the rest of the market is less reassuring.
"Indices could have more downside than the underperformers of the last few months" if yield pressure continues to build, Morgan Stanley strategists including Christopher Metli and Amanda Levenberg wrote in a note to clients. They expect the S&P 500 and the $NASDAQ 100 Index(.NDX.US$ to show "modest further downside" over the next two weeks.
Sell-off in Cathie Wood's ARK Innovation fund reached 48% at low point Thursday
Cathie Wood's flagship fund $ARK Innovation ETF(ARKK.US$ is caught in the epicenter of tech selling this week and some analysts see the stocks behind her strategies dropping even further before bottoming.
At its low of the day on Thursday, the innovation-focused exchanged-traded fund was down more than 48% from its February 2021 all-time intraday high. That is a drop worse than the one the fund saw in March of 2020 during the low of the pandemic market rout.
Gamestop shares surge on report it will create NFT marketplace
$GameStop(GME.US$ shares rose over 14% in extended trading on Thursday after the Wall Street Journal reported the retailer plans to create a marketplace for non-fungible tokens, often called NFTs.
The reports suggest that Gamestop, which has been at the center of a retail trader frenzy, will expand into one of the most hyped sectors in technology.
Trump SPAC Digital World Acquisition Corp. stock rises after social media app sets target launch date
Shares of the company connected to a planned social media app backed by former President Donald Trump rose sharply after news that the app has set a target launch date of Feb. 21.
Blank-check company $Digital World Acquisition Corp(DWAC.US$'s stock jumped by nearly 20% by the close of trading on Thursday. Trump's company is being marketed as an alternative to social media giants $Twitter (Delisted)(TWTR.US$ and $Meta Platforms(FB.US$, both of which banned him on the grounds of inciting the Jan. 6, 2021, riot at the U.S. Capitol.
Apple CEO Tim Cook's pay package ballooned to $98.7 million in 2021
Tim Cook, CEO of $Apple(AAPL.US$ had a compensation package worth $98.7 million last year, more than six times his haul in 2020, according to a regulatory filing.
Cook's base salary for 2021 was $3 million, unchanged from the two prior years. He received a cash bonus of $12 million for the year as well as stock options worth $82.35 million, according to Apple's proxy statement filed Thursday.
Hedge funds are selling tech shares at their fastest pace in a decade as rates spike
Hedge funds are selling tech shares at their fastest pace in a decade as rates spike
Surging bond yields have triggered hedge funds to sell growth-focused technology shares at a speed not seen in the past decade.
Goldman noted that hedge funds’ selling of tech stocks is driven almost entirely by long sales, in contrast to mainly short sales seen in the last two months of 2021. The selling was driven by software and semiconductor stocks, the Wall Street firm said.
Source: Bloomberg, CNBC
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