Two Days of Memes: Enough to Ignore Inflation? | Herd on Wall Street
Morning mooers! Meme stocks are still flying! It is Tuesday, May 14th, and the market is in the green.
My name is Kevin Travers, and $GameStop (GME.US)$ jumped 107% at open Tuesday before hitting a circuit breaker on the way down. $AMC Entertainment (AMC.US)$ jumped 120% at open before rocketing lower to a 78% climb. Here are those stories and more from moomoo news.
Other meme stocks were climbing after pure exuberance. $SunPower (SPWR.US)$-- which WSJ called is among the most shorted stocks on Wall Street, with some 95% of its free float sold short -- saw its stock rip 19.6% higher on Monday and rise a further 77% on Tuesday morning. $Plug Power (PLUG.US)$climbed 46% Tuesday.
$Alibaba (BABA.US)$ fell 7% Tuesday after the e-commerce giant beat Q4 revenue growth expectations of 7% year-on-year to $30.73 billion, but adjusted earnings of $1.40 missed the analyst consensus estimate of $1.41.
$Home Depot (HD.US)$, though falling just 0.4% in a market of green and red daggers reported lower-than-expected quarterly sales, citing a delayed start to spring and continued interest-rate pressure on spending for big projects. The first of the major retailers to report stuck to its guidance for about 1% revenue growth this year and a 1% drop in comparable sales.
By far and away, the most watched sector tracked by moomoo was the 'WallStreetBets' stocks, jumping after a RoaringKitty took to twitter again to post hammy videos of superheros and cowboys.
Crude Oil fell, while Gold and Silver pulled up from their fall. Bitcoin fell nearly 2%.
In an overall market recap, indexes opened higher after a mostly flat Monday, despite an explosive day for meme stocks. Just past 10 AM EST, the $S&P 500 Index traded +0.18%, the $Dow Jones Industrial Average climbed about 0.28%, and the $Nasdaq Composite Index climbed about 0.19%.
Overall, 7500 equities climbed compared to 2900 in the decline Tuesday.
Tuesday, Producer Price Index numbers came in high, climbing about 0.5% month over month compared to expectations of 0.3%, and core expectations of 0.2%. Powell spoke Tuesday morning, and he said the oft repeated "higher for longer," mantra, despite a PPI print that he called "mixed."
This week, investors can expect CPI prints Wednesday. Multiple Federal Reserve Governors and FOMC members will speak, and investors will look for comments on rates and monetary policy.
Weekly Jobless Claims came in high at 231k last Thursday morning, inspiring new hope for rate cuts, with another weekly print to watch this Thursday.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.83, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ was 4.46.
I’m back in the moomoo office today!! I have brainstormed names for this article, what do you think about "Herd on Wall Street" Like a Herd of moomoo cows, and hearing wall street?
Yesterday xpendabiggles said not only are meme stocks back, but Technically, they never left.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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sleepycow : where are you?
Kevin TraversOP sleepycow: Back in the moomoo Jersey City offices! They overlook the New York Financial District!
Expendabiggles : If inflation don’t come in ripping faces off then the report is a lie. People can’t even buy McDonalds anymore, so you tell me.
Kevin TraversOP Expendabiggles: I bought just enough food for breakfast (eggs) and Lunch (ham and cheese, bread, yogurt) at the grocer Sunday, it was well over $60 for one week.
RDK79 : One reason why stocks were pumped up today…
RDK79 : ‘Hot’: no, but they will call it ‘hot’ because that keeps chaos and fear (and ratings) going.
trent abel : let us know when you see people jump
MrJun : I work in Manhattan, can I visit if I get a chance
102785019 : "Used cars and trucks prices decreased by 6.9% YoY, after decreasing by 2.2% in March"
lydat also can? Smell Fishier than China Numbers...
103798743 : $Freeport-McMoRan (FCX.US)$ $Grab Holdings (GRAB.US)$
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