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Futures rise as focus turns to Fed's inflation stance
  + stars: | 2021-06-14 | by ( Medha Singh | ) www.reuters.com sentiment -0.97   time to read: +1 min
REUTERS/Carlo Allegri/File Photo(Reuters) - S&P 500 futures hit a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. ET, Dow e-minis were up 13 points, or 0.04%, S&P 500 e-minis were up 3 points, or 0.07%, and Nasdaq 100 e-minis were up 34 points, or 0.24%. [O/R]United Airlines Holdings and American Airlines Group rose 0.7% each after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Dow e, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup Locations: Manhattan, New York City , New York, U.S, , Wyoming
(Reuters) -The S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. REUTERS/Carlo Allegri/File PhotoRecent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow and the Nasdaq have risen 12.6% and 9.2%, respectively. [O/R]United Airlines Holdings and American Airlines Group gained 0.4% and 0.7% respectively after Citigroup raised its price target on the stocks.
Persons: Carlo Allegri, , Thomas Hayes, , Steve Burns, Julio Rodriguez Organizations: Reuters, New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, , Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
REUTERS/Carlo Allegri/File PhotoThe S&P 500 and the Dow eased on Monday, a day after the S&P 500 hit a record closing high, as investors awaited cues from the Federal Reserve's meeting this week on the central bank's outlook on inflation and the future of bond purchases. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 (.SPX) to an all-time high. The benchmark has climbed 13% this year while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. Healthcare (.SPXHC) and financials were the biggest drag on the S&P 500 on Monday, while technology (.SPLRCT) and consumer discretionary (.SPLRCD) provided the biggest boost. The S&P 500 posted 16 new 52-week highs and no new low, while the Nasdaq recorded 136 new highs and seven new lows.
Persons: Carlo Allegri, Dow, Thomas Hayes, financials, Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: New York Stock Exchange, REUTERS, Nasdaq, Tesla Inc, Apple Inc, Amazon.com Inc, Fed, Dow, Great, Great Hill Capital, Healthcare, Dow Jones, Lordstown Motors Corp, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
S&P 500 opens near record high as focus shifts to Fed meet
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -1.00   time to read: 1 min
A Wall Street sign is pictured outside the New York Stock Exchange amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoThe S&P 500 opened near an all-time high on Monday as focus shifted to the Federal Reserve's meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. The S&P 500 (.SPX) fell 0.9 points, or 0.02%, at the open to 4248.31​. The Dow Jones Industrial Average (.DJI) fell 7.1 points, or 0.02%, at the open to 34472.52, while the Nasdaq Composite (.IXIC) rose 14.0 points, or 0.10%, to 14083.467 at the opening bell. Our Standards: The Thomson Reuters Trust Principles.
Persons: Carlo Allegri Organizations: New York Stock Exchange, REUTERS, Dow Jones, Nasdaq, Thomson Locations: Manhattan, New York City , New York, U.S, 14083.467
REUTERS/Carlo Allegri/File PhotoThe S&P 500 was set to open near a record high on Monday as focus shifted to the Federal Reserve’s meeting this week, where the central bank is expected to maintain its accommodative stance on monetary policy. Recent data has indicated that the U.S. economy is regaining momentum but not overheating, taming worries about inflation and sending the S&P 500 (.SPX) to an all-time high. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The benchmark has climbed 13% this year while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.6% and 9.2%, respectively. At 08:24 a.m. EDT, Dow E-minis were down 8 points, or 0.02%, S&P 500 E-minis were up 3 points, or 0.07% and Nasdaq 100 E-minis were up 42.75 points, or 0.31%.
Persons: Carlo Allegri, Thomas Hayes, Steve Burns, Julio Rodriguez Organizations: New York Stock Exchange, REUTERS, Fed, Dow, Nasdaq, Great, Great Hill Capital, Dow E, Lordstown Motors Corp, Chevron, Marathon Oil Corp, Schlumberger, Occidental Petroleum, Marathon Petroleum Corp, United Airlines Holdings, American Airlines Group, Citigroup, COVID, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming, Great Hill, New York
"Technically, with the advent of this facial recognition technology, that trope has become a truth." Ingram said he was "taken aback" and "shaken" to learn that facial recognition tools seemed to be involved in his investigation. A new Virginia law restricting facial recognition by local law enforcement will soon put an end to the facial recognition system, the Post later reported. Reining in facial recognition technologyMomentum for facial recognition laws has seemed to wax and wane over the past year and a half. California now has in place a three year moratorium on the use of facial recognition technology in police body cameras.
Persons: Carlo Allegri, George Floyd, That's, Albert Fox Cahn, Cahn, Matt Mahmoudi, Mahmoudi, Peter Arnold, Brown, Joy Buolamwini, Timnit Gebru, Bobby Rush, There's, Rush, Devin Hance, Nathan Freed Wessler, Gerry Chamberlain, Ring, It's, Derrick, Dwreck, Ingram, Jessica McRorie, Ingram's, Anna Eshoo, Eshoo, Floyd, haven't, I'm, Arisha Hatch, Satya Nadella, Jeff Bezos, Chip Somodevilla Organizations: Hall Autonomous, Reuters, Microsoft, IBM, Democrats, Amnesty International, Getty, MIT, American Civil Liberties Union, Amazon, ACLU, Student Nonviolent, Civil Rights Movement, Black Panther Party, CNBC, Tech, New York Police Department, NBC News, CNET, Electronic Frontier Foundation, Technology, Police, Los Angeles Police Department, EFF, LAPD, Task Force, Washington Post, New, Amnesty, NYPD, Post, D.C, Federal Bureau of Investigation, Drug, Administration, National Guard, Customs, Privacy, White House American Technology Council Locations: Hall, Manhattan, New York City , New York, U.S, America, Illinois, New York City, Virginia, Maryland , Virginia, Washington, Sommerville, San Francisco, Oakland, Calif, California, Portland , Ore, Washington ,
Investors “are going to be looking for signs that the Fed might believe that inflation is more permanent,” said Michael Arone, chief investment strategist for State Street Global Advisors. Stocks on Thursday brushed off data showing that consumer prices rose in May at their fastest annual pace in 13 years, as the S&P 500 hit a new record. Most investors believe the Fed will only start tapering its bond purchases in late 2021 or early next year. Bets in the eurodollar futures markets show investors believe the Fed will start hiking its benchmark rate in late 2022. S&P 500 earnings are now expected to jump 36% this year, compared to an April estimate of 26% growth, with earnings expected to rise another roughly 12% in 2022, according to Refinitiv IBES.
Persons: , Michael Arone, Carlo Allegri “, Chris Galipeau, Refinitiv, Morgan Stanley, Matthew Miskin Organizations: YORK, Federal, Treasury, State Street Global Advisors, New York Stock Exchange, REUTERS, Putnam Investments, BofA, Research, National Federation of Independent, American Association of, Investors, , Bulls, John Hancock Investment Management Locations: U.S, , Wyoming, Manhattan, New York City , New York
The Fed has maintained that it has the tools to deal with accelerating inflation. Stocks on Thursday brushed off data showing that consumer prices rose in May at their fastest annual pace in 13 years, as the S&P 500 hit a new record. Most investors believe the Fed will only start tapering its bond purchases in late 2021 or early next year. Bets in the eurodollar futures markets show investors believe the Fed will start hiking its benchmark rate in late 2022. S&P 500 earnings are now expected to jump 36% this year, compared to an April estimate of 26% growth, with earnings expected to rise another roughly 12% in 2022, according to Refinitiv IBES.
Persons: , Michael Arone, Carlo Allegri “, Chris Galipeau, Refinitiv, Morgan Stanley, Matthew Miskin Organizations: YORK, Federal, Treasury, State Street Global Advisors, New York Stock Exchange, REUTERS, Putnam Investments, BofA, Research, National Federation of Independent, American Association of, Investors, , Bulls, John Hancock Investment Management Locations: U.S, , Wyoming, Manhattan, New York City , New York
A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Stocks on Thursday brushed off data showing that consumer prices rose in May at their fastest annual pace in 13 years, as the S&P 500 hit a new record. Most investors believe the Fed will only start tapering its bond purchases in late 2021 or early next year. Bets in the eurodollar futures markets show investors believe the Fed will start hiking its benchmark rate in late 2022. S&P 500 earnings are now expected to jump 36% this year, compared to an April estimate of 26% growth, with earnings expected to rise another roughly 12% in 2022, according to Refinitiv IBES.
Persons: Carlo Allegri, Michael Arone, Chris Galipeau, , Refinitiv, Morgan Stanley, Matthew Miskin Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, State Street Global Advisors, Putnam Investments, BofA, Research, National Federation of Independent, American Association of, Investors, , Bulls, John Hancock Investment Management, Thomson Locations: Manhattan, New York City , New York, U.S, , Wyoming
BlackRock becomes first to operate wholly owned China mutual fund biz
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Carlo AllegriBlackRock Inc (BLK.N) has become the first global asset manager licensed to start a wholly owned onshore mutual fund business in China, as the government opens up the country's $3.5 trillion mutual fund industry. China scrapped foreign ownership caps in its mutual fund and securities sectors on April 1, 2020, under a Sino-U.S. trade deal. Several global asset managers, including Neuberger Berman, Schroders PLC (SDR.L) and Fidelity International, have also applied to set up wholly owned mutual fund businesses in China. read moreStill, China's mutual fund market is likely to triple to 60 trillion yuan ($8.75 trillion) in a decade, forecast Shanghai-based fund consultancy Z-Ben Advisors. The New York-headquartered firm also owns a minority stake in a mutual fund venture with Bank of China Ltd (601988.SS).
Persons: Carlo Allegri, Larry Fink, Neuberger Berman, Ben, Peter Alexander, BlackRock's, China Tony Tang Organizations: REUTERS, Carlo Allegri BlackRock Inc, China Securities Regulatory Commission, BlackRock, Schroders PLC, Fidelity International, Vanguard Group, Ben Advisors, Bank of China Ltd, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, Shanghai, The New York
Factbox: Bank of America's next CEO? List of possible candidates
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com + 0.94   time to read: +1 min
(Reuters) - Bank of America Corp Chief Executive Brian Moynihan has been at the helm for more than a decade, having guided the bank out of a financial crisis and transformed it into a nimbler operation. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. Last year, Bank of America promoted eight next-generation executives to senior management. Any of the 23 people on that team could, in theory, be the next CEO, though recruiters and insiders pointed to a handful as more likely than others. Others who were front-runners in past management shuffles are now likely too old to become CEO when Moynihan retires, the recruiters and insiders said.
Persons: Brian Moynihan, Carlo Allegri, Moynihan, Dean Athanasia, Andy Seig, Merrill Lynch, Cathy Bessant, Steve Boland, Raul Anaya, Alastair Borthwick, Jim DeMare, Mike Lyons, Mark Chancy Organizations: Reuters, Bank of America Corp, of America, REUTERS, Bank of America, Merrill Lynch Wealth Management, PNC Financial Services, SunTrust Banks Inc, Wells Fargo & Co Locations: Manhattan, New York City , New York, U.S, Wells
GameStop tumbles, Clover Health rises in 'meme stock' roller coaster
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 7% and Clover Health Investments Corp (CLOV.O) jumped 6.4% in early deals on Thursday, setting the stage for another roller coaster session for stocks favored by small-time investors on social media platforms. Shares of cinema operator AMC Entertainment Holdings Inc (AMC.N) were down 4.1%, while prison operator Geo Group Inc (GEO.N), the latest "meme stock", slumped 8.8%, after surging more than 38% on Wednesday. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Clover Health Investments Corp, Wednesday, ContextLogic Inc, Clean Energy Fuels Corp, AMC Entertainment Holdings Inc, Geo Group Inc, Medicare, AMC, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop tumbles, other "meme stocks" falter after big runups
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +2 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell more than 17% on Thursday and other so-called meme stocks also declined, setting the stage for another roller-coaster session for stocks favored by retail investors on social media platforms. AMC shares were off around 11%. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Edward Moya, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Wedbush Securities, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
GameStop falls 25% on potential share sale, other 'meme stocks' falter
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 0.00   time to read: +3 min
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. REUTERS/Carlo Allegri/File PhotoShares of GameStop Corp (GME.N) fell 25% on Thursday and other so-called meme stocks also declined in a sell-off that hit a broad range of stocks favored by retail investors on social media platforms. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run up,” Ablin said. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday. That matched their peak in January, when the surge in GameStop shares squeezed short sellers and further boosted the stock price.
Persons: Carlo Allegri, Inc's, Jack Ablin, ” Ablin, Clover, Vanda Organizations: GameStop, REUTERS, GameStop Corp, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset Capital, , Wedbush Securities, Medicare, U.S . Securities, Exchange Commission, SEC, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
A person walks past a GameStop in the Manhattan borough of New York City, New York, U.S., January 29, 2021. Worries that other companies could leverage recent stock price gains by announcing share sales may be rippling out to the broader meme stock universe, said Jack Ablin, chief investment officer at Cresset Capital. "It appears that other companies, like GameStop, are hoping to follow AMC’s lead by issuing shares and otherwise profit from the meme stocks run-up,” Ablin said. GameStop will likely sell all 5 million new shares but that amount only represents a “modest” dilution of 7%, Wedbush analysts wrote. In the past two weeks, the so-called "meme stocks" have received $1.27 billion of retail inflows, Vanda Research said on Wednesday, matching their January peak.
Persons: Carlo Allegri, Jake Dollarhide, Jack Ablin, ” Ablin, Inc's, GameStop's, Vanda Organizations: GameStop, REUTERS, GameStop Corp, Longbow Asset Management, AMC Entertainment Holdings, Clover Health Investments Corp, Geo Group Inc, AMC, Cresset, , Wedbush Securities, U.S . Securities, Exchange Commission, Vanda Research, Thomson Locations: Manhattan, New York City , New York, U.S
Recent retail flows into meme stocks hit January peak levels - Vanda Research
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.95   time to read: +2 min
REUTERS/Carlo AllegriNEW YORK (Reuters) - Retail traders have put as much money into so-called meme stocks over the past two weeks as they did at the peak of the frenzied GameStop rally in January, analysts at Vanda Research said on Wednesday. Meme stocks are companies that see their value fueled by social media attention. The amount of cash flowing into meme stocks has been larger than any single sector or industry, even surpassing the S&P tech sector, according to Vanda, which tracks retail flows. What sets these meme stocks apart, “is that they are absolutely hated by the hedge fund community, who have been piling into short bets for some time,” Vanda researchers said. Sectors currently seeing higher retail participation include cannabis stocks and gaming stocks, while electric vehicle and space exploration companies, as well as cryptocurrencies have seen waning retail interest, Vanda said.
Persons: Carlo Allegri, Vanda, ” Vanda Organizations: AMC, REUTERS, Retail, GameStop, Vanda Research, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings Locations: Manhattan, New York City , New York, U.S
Wall Street reverses, closing lower ahead of inflation report
  + stars: | 2021-06-09 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +4 min
NEW YORK (Reuters) - Wall Street stocks ended lower on Wednesday, reversing earlier gains as institutional investors awaited inflation data for clues as to when the U.S. Federal Reserve might tighten its dovish monetary policy. FILE PHOTO: A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File PhotoThe retail “meme stock” craze continued unabated. However, other meme stocks such as Clover Health, AMC Entertainment and Bed Bath & Beyond reversed course to close lower. “It feels like alternative stock market,” Carlson added.
Persons: Carlo Allegri, , Chuck Carlson, , ” Carlson, Joe Biden, Shelley Capito, Campbell Soup, Biden, Drugmaker Organizations: YORK, U.S . Federal, New York Stock Exchange, REUTERS, Horizon Investment, Aethlon, GEO Group, Wrestling Entertainment, Clover Health, AMC Entertainment, Vanda Research, GameStop Corp, GameStop, Dow, Washington, Representatives, Philadelphia, Labor, Dow Jones, Nasdaq, Treasury, Pfizer Inc, Washington Post, Drugmaker Merck, Co Locations: Manhattan, New York City , New York, U.S, Hammond , Indiana, States
Futures tread water, meme stocks set to extend gains
  + stars: | 2021-06-09 | by ( Ambar Warrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Wall Street indexes have moved little this week amid a dearth of cues, with most investors sticking to the sidelines ahead of key inflation data on Thursday. ET, U.S. S&P 500 E-minis were up 1.75 points, or 0.04%, Dow E-minis were down 20 points, or 0.06%, while Nasdaq 100 E-minis were up 20 points, or 0.14%. A strong earnings season had seen Wall Street surging to record highs through May, with analysts suggesting markets had taken a pause in recent weeks after the gains. U.S.-listed Chinese stocks showed little reaction to a sweeping package of legislation intended to bolster the United States' capability to compete with Chinese technology.
Persons: Carlo Allegri, Dow Organizations: New York Stock Exchange, REUTERS, Reserve, Clover Health, GameStop, Dow E, Nasdaq, Thomson Locations: Manhattan, New York City , New York, U.S, United States, China
A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Small gains in heavyweight technology stocks, particularly the FAANG group of firms, were set to give the Nasdaq (.IXIC) a slight boost. But Wall Street indexes have moved little this week amid a dearth of cues, with most investors sticking to the sidelines ahead of key inflation data on Thursday. A strong earnings season had seen Wall Street surging to record highs through May, with analysts suggesting markets had taken a pause in recent weeks after the gains. read moreCampbell Soup Co (CPB.N) fell 8% after it reported profit below expectations, and slashed its full-year earnings forecast due to higher costs.
Persons: Carlo Allegri, Rob Sechan, Goldman Sachs, Morgan Stanley, MS.N, Sechan, Campbell Organizations: New York Stock Exchange, REUTERS, Reserve, Clover Health, GameStop, NewEdge, Citigroup, Treasury, Nasdaq, Dow, U.S, Merck, Co, Thomson Locations: Manhattan, New York City , New York, U.S, United States, China
A Wall Street sign is pictured outside the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., April 16, 2021. Buying into so-called "meme stocks" by small-time retail investors continued, with the new favorite Clover Health (CLOV.O) surging 13.8% to a record high. read moreGameStop (GME.N) - the company most closely associated with the retail rally this year - fell 1.3% ahead of its quarterly results, due after the bell. The so-called "meme" stocks have dominated trading volumes over the past few weeks, as retail traders take to hyping up stocks with the highest number of short positions. Small gains in heavyweight technology stocks, particularly the FAANG group, gave the Nasdaq (.IXIC) a slight boost.
Persons: Carlo Allegri, Rob Sechan, Goldman Sachs, Morgan Stanley, MS.N, Sechan, Campbell Organizations: New York Stock Exchange, REUTERS, Reserve, Clover Health, GameStop, NewEdge, Citigroup, Treasury, Nasdaq, Dow Jones, Merck, Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Beijing
While the S&P 500 was trading just below record highs, a lack of new catalysts saw it struggling to break above its last high of 4,238.04 points. GameStop (GME.N) - the company most closely associated with the retail rally this year - rose 3.0% ahead of its quarterly results, due after the bell, while Clover Health (CLOV.O) reversed course to trade lower. The S&P industrials sector (.SPLRCI) lagged its broader peers as talks over a new infrastructure bill appeared to have stalled in the Senate. read moreBut small gains in heavyweight technology stocks, particularly the FAANG group, gave the Nasdaq (.IXIC) a slight boost. The S&P index recorded 32 new 52-week highs and two new lows, while the Nasdaq recorded 114 new highs and nine new lows.
Persons: Carlo Allegri, Arthur Weise, Rob Sechan, Goldman Sachs Organizations: New York Stock Exchange, REUTERS, Kingsland Growth, GEO, Wrestling Entertainment, GameStop, Clover Health, NewEdge, Dow Jones, Nasdaq, Citigroup, Treasury, Campbell, Merck, Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, Kingsland, United States, Beijing
While the S&P 500 was trading just below record highs, a lack of new catalysts saw it struggling to break above its last high of 4,238.04 points. GameStop (GME.N) - the company most closely associated with the retail rally this year - rose 3.0% ahead of its quarterly results, due after the bell, while Clover Health (CLOV.O) reversed course to trade lower. ET, the Dow Jones Industrial Average (.DJI) was down 25.07 points, or 0.07%, at 34,574.75 and the S&P 500 (.SPX) was up 1.14 points, or 0.03%, at 4,228.40. The S&P industrials sector (.SPLRCI) lagged its broader peers as talks over a new infrastructure bill appeared to have stalled in the Senate. The S&P index recorded 32 new 52-week highs and two new lows, while the Nasdaq recorded 114 new highs and nine new lows.
Persons: Carlo Allegri, Arthur Weise, Rob Sechan, Goldman Sachs Organizations: New York Stock Exchange, REUTERS, Kingsland Growth, GEO, Wrestling Entertainment, GameStop, Clover Health, NewEdge, Dow Jones, Nasdaq, Senate, Citigroup, Treasury, Campbell, Drugmaker Merck, Co, NYSE, Thomson Locations: Manhattan, New York City , New York, U.S, Kingsland, States, Beijing
GameStop gains as traders await quarterly report
  + stars: | 2021-06-09 | by ( Noel Randewich | Svea Herbst-Bayliss | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Carlo Allegri/File PhotoAt a brief annual shareholders meeting ahead of the report, GameStop top shareholder Ryan Cohen, the billionaire co-founder of online pet supplies retailer Chewy, was elected chairman. AMC tumbled 9%, and it remains up over 2,200% year to date, compared to a rise of over 1,500% in GameStop. Options prices imply GameStop’s stock could swing 24% in either direction by Friday, according to Trade Alert data. While the recent rollout of new videogame consoles is likely to benefit GameStop, analysts warn that its soaring stock price has become disconnected from the company’s day-to-day business. Cohen hopes to transition GameStop into an ecommerce business that can take on big-box retailers.
Persons: Carlo Allegri, Ryan Cohen, ” Cohen, Cohen, George Sherman, , Michael Pachter Organizations: Reuters, GameStop, Sony, REUTERS, , AMC Entertainment Holdings, AMC, Street, S3 Partners, Analysts Locations: Manhattan, New York City , New York, U.S, Chewy, Grapevine , Texas
GameStop set to report results as shares reach for peak
  + stars: | 2021-06-09 | by ( Noel Randewich | ) www.reuters.com + 0.00   time to read: +3 min
Outside a GameStop store people line up to purchase a Sony PS5 gaming console in the Manhattan borough of New York City, New York, U.S., November 12, 2020. GameStop's volatile shares have risen over 80% in the past month, and they are now just 15% below their closing high in January. While the recent rollout of new videogame consoles is likely to benefit GameStop, analysts warn that its soaring stock price has become disconnected from the company's day-to-day business. GameStop short sellers currently have $3 billion at stake, up from $1.3 billion at the end of 2020, according to S3 Partners, a financial data firm. The company on April 5 said its global sales rose 11% in the first nine weeks of its fiscal year.
Persons: Carlo Allegri, Ryan Cohen, Michael Pachter, George Sherman Organizations: GameStop, Sony, REUTERS, AMC Entertainment Holdings, AMC, Street, Chewy, S3 Partners, Analysts, Thomson Locations: Manhattan, New York City , New York, U.S
New Reddit darling Clover Health jumps 13%
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.93   time to read: +1 min
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York City, New York, U.S., April 16, 2021. REUTERS/Carlo Allegri/File Photo(Reuters) - Shares of Clover Health Investments Corp jumped 13.3% in early deals on Wednesday, a day after small-time traders on online discussion forums sent its stock zooming 86% to a record high. Medicare-backed insurance seller Clover Health, among the most shorted stocks across U.S. exchanges, has emerged as the new favorite of individual traders who had previously hyped shares of AMC Entertainment Holdings Inc and GameStop Corp in forums such as Reddit’s WallStreetBets. Clover Health was one of the most heavily traded stocks before the bell after logging its highest trading volume on U.S. exchanges on Tuesday. Shares of video game retailer GameStop were up 2.3%, while AMC and U.S.-listed shares of BlackBerry Ltd fell 4.1% and 1.0%, respectively.
Persons: Carlo Allegri Organizations: New York Stock, REUTERS, Clover Health Investments Corp, Medicare, Clover Health, AMC Entertainment Holdings Inc, GameStop Corp, GameStop, AMC, BlackBerry Ltd Locations: Manhattan, New York City , New York, U.S
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