GME Oct 2024 21.000 call
- Yahoo Finance Video
Meme trade falls, JOLTS signal normalization: Trading takeaways
Yahoo Finance's Josh Schafer joins Asking for a Trend to break down the trading day's takeaways. While the US Job Opening and Labor Turnover Survey (JOLTS) saw job openings fall to the lowest level since February 2021, Schafer points out that weak data isn't necessarily bad. He notes that in the context of the pre-pandemic levels, May's JOLTS report could signal a normalization. Turning to energy, Schafer explains that the sector has been the worst-performing of the S&P 500 (^GSPC) in the last two months. He notes, "When energy started rallying, we were talking a lot about a potential reflation trade. We were talking about worries and inflation through the first quarter. Energy usually benefits in that sort of scenario. Over the last month, as we've been talking about softening data, if the economy slows down, that might be good for inflation. So that's one thing that sort of feeds into it." Schafer's final takeaway is the fall of the meme stock trade after the online return of "Roaring Kitty," best known for the GameStop (GME) short squeeze of 2021. For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Melanie Riehl
- Yahoo Finance Video
E-Trade's potential 'Roaring Kitty' ban enters 'gray areas'
The meme trade influencer known as "Roaring Kitty" faces the possibility of a ban from the stock trading platform E-Trade. This comes after alleged market manipulation by the trader, triggered by a social media post in which he unveiled his position in GameStop (GME), creating a massive rally in the company's shares. Joining Catalysts to dissect the details is AnnaMaria Andriotis, the Wall Street Journal reporter who broke the story. Andriotis sheds light on the timeline of events, noting that the speculation around market manipulation began on May 12 when Roaring Kitty first posted a meme to X, formerly Twitter, reigniting the meme trade. Subsequent investigations revealed that "he had made a large purchase of GameStop options before that tweet had gone out." However, Andriotis notes there are broader implications for E-Trade if the platform decides to ban Keith Gill. Such a move could result in the loss of a substantial portion of its customer base. "This isn't an easy calculation that is playing out internally, and it does touch on some gray areas. And it's an area... that regulators themselves are looking at," Andriotis told Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Catalysts. This post was written by Angel Smith
- Barrons.com
GameStop, AMC Stock Are Up 50% Since the Meme Rally Reignited
It remains to be seen if prices settle around current levels, which are about 50% higher than before the latest frenzy started. GameStop jumped more than 100% at times earlier this week.
