2024-05-13 22:22:46
First loss of the Dow Jones index in nine days… and the “meme stocks” are back
The US Dow Jones stock index was stopped The longest series of hikes He’s been doing it since December of last year, finishing Monday’s trading in the red zone for the first time in nine days while returning to center stage. Meme shareswho attracted attention by making huge gains and then huge losses, in 2021.
In trading on the first day of the week, the Dow Jones Industrial Average lost 81 points, or 0.21% of its value at the start of today’s session, and the S&P 500 index fell by a small percentage, not exceeding 0.02% of its value. , while the Nasdaq index was alone in the green zone, although… By less than a third of a percentage point.
An investigation he conducted showed Federal Reserve Bank In New York, consumers last month raised their expectations for price increases in the short and long term. On an annual basis, inflation expectations reached 3.3%, while their five-year expectations reached 2.8%.
Stocks retreated from earlier gains following the survey results were released, with the numbers coming ahead of the release of two major economic data, which largely reflect the state of inflation in the country, in light of great efforts made by the largest central bank. around the world for more than two years.
The CPI report is expected to be released on Wednesday, with economists expecting an April rise of 0.4% on a monthly basis and 3.4% on an annual basis, according to Dow Jones estimates. The producer price index, due to be announced on Tuesday, is expected to show an increase of 0.3% last month.
The 30-stock Dow Jones Index posted its best weekly performance of 2024 last week, up more than 2%, and the S&P 500 and Nasdaq indexes rose more than 1% each during the same week.
The major US stock indexes have returned to their record highs recorded in March following a short decline, and all three are currently within 1% of their highest closing levels in their history, pending this week’s data.
Speculative stocks, known internationally as “meme stocks,” returned to center stage in U.S. markets on Monday, as GameStop and AMC shares rose. AMC Entertainment fell sharply, amid signs that retail investors are ready to unleash a new wave of speculative madness, as markets have witnessed in 2021.
GameStop stock nearly doubled from its closing price last Friday, surpassing $38, before falling back below $30 later. AMC shares also rose more than 20%, reaching a price of $3.72.
The rises came in the absence of any major news or data that might affect the movement of the two stocks today, reminding traders of the days of the “meme stock boom” that occurred three years ago, when retail investors challenged hedge funds that were betting on the collapse of some small stocks. Both stocks are still a long way from their mid-2021 highs, but GameStop’s stock is up more than 200% in the past month, and AMC’s stock value is up more than 35%. .
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