S&P Nasdaq Hit Records on Lower Inflation, Memes Fall
It is Wednesday May 15th, Meme stocks are pulling back after a two day rush, but the S&P 500 and Nasdaq hit record highs after April inflaiton data came in low.
My name is Kevin Travers, here are updates on WallStreetBets Stocks, and stories about the moving market today. $GameStop (GME.US)$ pulled back 30%, after a 60% Tuesday rally, and a 296% rally for the past five days.
$AMC Entertainment pulled back 25% after a 32% increase at Tuesday's close. AMC has raised $250 million from its "at-the-market" offering of 72.5 million shares, according to a regulatory filing with the US Securities and Exchange Commission. $SunPower fell 25%, $BlackBerry fell 8% after a 12% climb. $NIO Inc (NIO.US)$ fell by 9% after climbing about 14% in two days.
$NVIDIA and actually climbed 3% and 0.21%, alongside $Robinhood+1.44%.
$Super Micro Computer climbed 8%, leading the S&P 500 as the top gainer, and the Semiconductor sector higher.
$Albemarle fell about 5%, the lowest Reacher on the S&P 500. The stock was singled out as one of the most shorted stocks on the index, and pulled back after other shorted meme stocks fell.
$Petroleo Brasileiro SA Petrobras led a 1% decline in the oil sector, falling 6% after its earnings report also announced the exit of CEO Jean Paul.
In sectors Crude Oil traded mostly flat after declining before the EIA inventories print, while Gold and Silver pulled up from their fall. Bitcoin climbed 5%, sending $Marathon Digital up 3%, $Coinbaseclimbed 4%. Oil and Gas companies as a sector fell 1%.
The EIA reported USA Crude Oil Inventories decreased by 2.5M vs. decrease of 0.4M Est.; Draw Of 1.362M Prior "It also appears that the EIA will be indicating a Cushing stock draw that could offer some slight support to the WTI curve," Ritterbusch says in a note.
In an overall market recap, indexes opened to all time highs after the CPI print. The $Dow Jones Industrial Average was below its record, up 0.63% just before noon EST. The $S&P 500 Index traded +0.86% past an all time high 5291.26, and the $Nasdaq Composite Index opened setting an all time high at 16674.68, up 1%. Overall, 8300 equites advanced while 3500 declined.
In macro, CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
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 was 4.83, the $U.S. 10-Year Treasury Notes Yield was 4.46.
yesterday, user Trebt Able said let us know when you see people jump
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
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Tommie Mcilwain : Good info
Jennifer-Lashley : Thank you very much MooMoo for creating this platform for us, and for Mr. Travers's news reports, so I can quickly understand all aspects of today's news, thank you!
M()()M()()PaysShills : Sorry your fud doesn’t work over here
ru1too : the 72 million share offering explains at least part of the drop. I do understand they need to pay down debt.
Kevin TraversOP Jennifer-Lashley: Of course, thank you for reading!
70196739 Jennifer-Lashley:
Rockaphobic : Thank you Mr. Travers!