TheStreet’s Conway Gittens brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading Monday, May 13.
Related: GameStop rockets, pounding short sellers, as ‘Roaring Kitty’ returns
Full Video Transcript Below:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
The Dow snapped its longest bullish streak since December – ending a rally that stretched for eight days in a row. The S&P 500 finished slightly lower, while the Nasdaq managed to eek out a gain. Investors have turned cautious ahead of key inflation data due Wednesday. The inflation update could provide clues on how soon the Federal Reserve can start lowering interest rates.
In other news: the meme stock craze of the pandemic made an encore. Shares of GameStop soared on nothing more than a social media post by retail investor Keith Gill – better known by his online alias “Roaring Kitty” – his first post in 3 years. Gill is credited for kicking off the meme craze back in 2021.
The post on his verified “X” account was an image suggesting someone sit up and pay attention. There were no words and no mention of any stock – but that didn’t stop investors from interpreting what they think he meant. Shares of GameStop surged 74 percent to close the day at 30.45. Trading in the stock was so volatile it had to be halted several times on the NYSE. AMC, another meme stock, jumped 78 percent.
In addition to GameStop’s stock getting a huge bump, a cryptocurrency that uses GameStop’s name, logo, and ticker was also up more than 1,400% on the day. However, the coin has no connection to the company itself.
But analysts were quick to point out the disconnect between GameStop, the stock, and GameStop, the company. The gaming retailer has lost money nearly every quarter over the past 3 years.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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