GameStop Stock rises 6%
GameStop shares jumped shortly after Monday’s opening bell!
While shortly after trading halted, before retreating later on
The stock was recently up about 6% to just under $30 as broader markets retreated. It was earlier near $35 a share.
Tweet on Gamestop share surge
GameStop shares jumped shortly after Monday's opening bell!
The stock was recently up about 5% to just under $30 as broader markets retreated. It was earlier near $35 a share. pic.twitter.com/SqNxwk3zHH
— The_Journalbiz (@the_journalbiz) October 31, 2022
FactSet Chart on share jum upon opening bell
More than a year after the initial frenzy in GameStop shares, the meme mania has cropped up from time to time this year.
Other meme stocks also cooled. Shares of AMC Entertainment were recently up less than 2%, while Bed Bath & Beyond was up 1.4%.
While,Shares of the largest U.S. technology firms have fallen out of favor in the most pronounced way since the 2000 tech bubble, victims of a shift in investors’ tastes inspired by rising interest rates.
Tweet on Tech stock fallout
The major U.S. stock averages were down in midday trading!
•S&P 500: -0.5%
•Nasdaq Composite: -0.8%
•Dow industrials: -0.2%
The benchmark 10-year U.S. Treasury yield was at 4.044%, up from 4.009% on Friday, via @DowJones pic.twitter.com/Bo7b10q1xW— The_Journalbiz (@the_journalbiz) October 31, 2022
FactSet chart on FANNG stocks
Six of the largest technology stocks in the U.S.
Apple, Netflix, Microsoft, Amazon, Meta Platforms and Alphabet, combined lost nearly $3.3 trillion combined in market value this year through Friday’s close as investors have unwound bets on the sector.
