The stock market indexes showed slight gains on Monday morning in anticipation of upcoming inflation data later in the week. GameStop, a popular meme stock, saw its stock value double today after a well-known meme stock trader posted his first tweet in years.
The Dow Jones Industrial Average attempted to extend its winning streak, rising by 0.2%. The S&P 500 and Nasdaq also saw modest increases of 0.1% and 0.2%, respectively. Meanwhile, the Russell 2000, a small-cap index, outperformed the larger indexes with a 1% gain.
Trading volume dipped on the Nasdaq but increased on the New York Stock Exchange compared to Friday’s session. Popular exchange traded funds like Invesco QQQ Trust and Innovator IBD 50 ETF showed mixed performance in today’s market.
In other news, the 10-year Treasury yield slightly declined while West Texas Intermediate crude oil prices rose to $78.21 a barrel.
Investors will be closely monitoring key economic indicators like the Producer Price Index, Consumer Price Index, and retail sales data throughout the week. Analysts expect a rise in both headline and core CPI readings.
GameStop stock made headlines today as its value surged by 70% following a tweet from an influential investor credited with sparking the stock’s rally in 2020 and 2021. Another meme stock, AMC Entertainment, also saw a 12% increase in value in sympathy with GameStop.
Popular website building platform Squarespace saw a significant uptick in stock value after announcing its acquisition by a private equity firm.
In individual stock news, Intel led gains on the Dow Jones index following news of an exclusive deal with Apollo Global Management for funding a chip factory in Ireland. In the tech sector, Nvidia’s stock value dipped slightly despite positive analyst outlooks on the company’s earnings potential.
Overall, the stock market showed cautious optimism ahead of key economic data releases later in the week. Investors are closely watching for any signs of inflation and economic recovery in the coming days.
