Mixed on Wall Street – E24

Mixed on Wall Street – E24

GameStop stock is rising again after the company raised $933.4 million before the weekend.

Published:

The status is updated throughout the trading day.

This is what the benchmark looks like at 16.50:

  • Dow Jones fell 0.31%
  • The Nasdaq index rose 0.49 percent
  • The S&P 500 rose 0.08%.

Wall Street was closed on Monday for Memorial Day. On the Friday before the weekend, the tech-heavy Nasdaq hit another new high.

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The price of oil has risen by about a dollar and a half since it was last opened in American markets. A barrel of North Sea oil (spotted) is trading at the time of writing at $83.57, an increase of 0.79 percent since midnight.

Gamestop is jumping again

GameStop stock once again posted big results before the stock market opened on Tuesday, with a 26 percent surge in pre-trading.

The toy retailer announced on Friday that it had raised $933.4 million (about 9.9 billion kroner) through the sale of 45 million shares.

The shares were sold at market price. according to Reuters Shares sold for about $20.74 apiece. The stock ended Friday up 13.1 percent.

At 16.50, GameStop stock rose 15.63 percent, and the stock now trades at $21.97.

GameStop stock performance over the past 30 days.

The stock is back in the spotlight following the publication of Keith Gill, known as “Roaring Kitty.” Mysterious post on X In mid-May. Gill has been described as the driving force behind the 2021 GameStop Reddit stock war.

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In the wake of the post, the stock had a choppy ride, but after a few days settled slightly above the level it was at before the virus spread.

Another popular meme stock, AMC, rose nearly 4 percent shortly after the market opened, but the rise has now fallen to 0.62 percent.

New momentum in the market

Starting Tuesday, transactions on Wall Street must be completed before the next trading day, according to new rules issued by the US Financial Supervision Commission (SEC).

Thus, the completion time has now been cut in half and the rules have been changed back to what they were 100 years ago, Bloomberg writes.

The purpose of the rules is to reduce risks in the financial system. The reason for extending the period is due to periods when the volume of transactions became out of control, according to the news agency.

At the same time, there are concerns that the transition will not be smooth. Among other things, international investors may have problems obtaining enough dollars in a timely manner, and there will be less time to correct errors.

Ready to cut interest rates in Europe

In the European stock market, there were mixed results on Tuesday morning.

New inflation figures for the euro zone in May will be published on Friday, and several key people at the European Central Bank (ESB) have commented on interest rates in recent days.

It is widely expected that the bank will cut its key interest rate in June, which was not hidden in the statements of the people involved.

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The European Central Bank on Tuesday presented its inflation forecasts for the coming years. The central bank expects prices to rise by 2.9 percent next year and 2.4 percent in the next three years. This represents a 0.1% decline from expectations in March, according to Bloomberg.

The Asian market had mostly small impacts in the morning hours.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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