Wall Street Today: Meme stocks post best day since June as GameStop, AMC surge
Bears surrendering again with S&P 500 rally defying all bad news
Potential dip buyers were seeing plenty of bleak headlines as U.S. stocks sold off last week. Growth was slowing. Another wave of virus infections was raging. The Federal Reserve mulled tapering monetary stimulus. And few stocks were supporting the market.
With fears growing that the worst was yet to come, hedge funds stepped up selling. During the first four days of last week, they dumped stocks at the fastest pace in four months, with short sales outpacing long buys by a ratio of 10-to-1, client data compiled by Goldman Sachs Group Inc.’s prime broker show. Similar data at Morgan Stanley pointed to a pivot to exit as well.
JPMorgan's Kolanovic sees credit as good way to hedge Fed
Investors wanting to hedge risks arising from potential Federal Reserve policy changes should consider credit markets instead of equities, according to JPMorgan Chase & Co.
Investors wanting to hedge risks arising from potential Federal Reserve policy changes should consider credit markets instead of equities, according to JPMorgan Chase & Co.
That’s because while credit markets are expected to be volatile, they offer a cheaper alternative relative to other hedges. U.S. high-grade and high-yield spreads have been widening since mid-July, and that more volatile trading environment may continue through the end of the month as the market digests the global impact of Covid-19’s delta variant and any possible change in Fed rhetoric at Jackson Hole, strategists led by Marko Kolanovic wrote in a Monday note.
Samsung to invest $205 billion in chip, biotech expansion
Samsung plans to increase investments by one third to more than $205 billion over the next three years, as the South Korean conglomerate pursues leadership in chip manufacturing and a bigger role in Covid-19 vaccine production.
Samsung plans to increase investments by one third to more than $205 billion over the next three years, as the South Korean conglomerate pursues leadership in chip manufacturing and a bigger role in Covid-19 vaccine production.
The company said Tuesday it would invest 240 trillion won in capital expenditure and research and development over the three years, up from 180 trillion won in the previous three.
Walmart opens local delivery service to other retailers
$Walmart(WMT.US$drivers will soon be making deliveries for other merchants.
The big-box retailer is opening up its in-house delivery platform, Spark Driver, to other businesses so that the independent contractors who are out delivering Walmart groceries and other merchandise can make additional deliveries along the way.
The service, called Walmart GoLocal, offers another way for the retailer to beef up its delivery platform and add more paying pickup and drop-offs while drivers are out. It joins a crowded field of players looking to handle last-mile deliveries, including a similar service called Shipt, which is owned by rival $Target(TGT.US$.
Microsoft to launch cloud gaming service on Xbox consoles
$Microsoft(MSFT.US$is bringing its cloud gaming service to Xbox consoles later this year.
Walmart opens local delivery service to other retailers
$Walmart(WMT.US$drivers will soon be making deliveries for other merchants.
The big-box retailer is opening up its in-house delivery platform, Spark Driver, to other businesses so that the independent contractors who are out delivering Walmart groceries and other merchandise can make additional deliveries along the way.
The service, called Walmart GoLocal, offers another way for the retailer to beef up its delivery platform and add more paying pickup and drop-offs while drivers are out. It joins a crowded field of players looking to handle last-mile deliveries, including a similar service called Shipt, which is owned by rival $Target(TGT.US$.
Microsoft to launch cloud gaming service on Xbox consoles
$Microsoft(MSFT.US$is bringing its cloud gaming service to Xbox consoles later this year.
The company announced Tuesday that Xbox Cloud Gaming, which lets players stream games rather than having to install them onto a device, would arrive on its new Xbox Series X and Xbox Series S consoles as well as older Xbox One machines this holiday.
Waymo opens self-driving car testing to some San Francisco residents
$Alphabet-C(GOOG.US$-owned Waymo is asking San Francisco residents to help test its self-driving cars in the city it hopes will be its second market.
The company said in a blog post Tuesday it is launching a research-focused program called "Trusted Tester." Residents can sign up in the company’s Waymo One app. Those accepted will be able to hail an all-electric Jaguar I-PACE vehicle and later provide feedback on their rider experience.
Discord has won over gamers. Now it wants everybody else
In recent months Jason Citron, chief executive and founder of gaming-focused chat platform Discord, has rebuffed a series of potential suitors, including a $12bn takeover bid from Microsoft and reported interest from Twitter, Amazon and Epic Games.
But Citron has his sights on another prize: bringing the niche Discord, whose 150m users mostly use it to chat to one another while gaming, to a mass audience.
"There's this big trend [of people moving from] broadcast wide-open social media communication services to more small, intimate places,' he said. “We're a meaningful part of how that's evolving on the internet.”
Chinese electric carmaker Xpeng starts exporting flagship P7 sedan for the first time
$XPeng(XPEV.US$on Tuesday began shipping its flagship P7 sedan to Europe, underscoring the Chinese electric carmaker's ambitions to expand internationally.
The shipment of P7 models will be sent from the southern Chinese city of Guangzhou to Norway. It's the first time Xpeng has shipped its flagship sedan to a market outside of China.
Meme stocks post best day since June as GameStop, AMC surge
A basket of so-called meme stocks is surging, fueled by afternoon rallies for $GameStop(GME.US$ and $AMC Entertainment(AMC.US$.
Chinese electric carmaker Xpeng starts exporting flagship P7 sedan for the first time
$XPeng(XPEV.US$on Tuesday began shipping its flagship P7 sedan to Europe, underscoring the Chinese electric carmaker's ambitions to expand internationally.
The shipment of P7 models will be sent from the southern Chinese city of Guangzhou to Norway. It's the first time Xpeng has shipped its flagship sedan to a market outside of China.
Meme stocks post best day since June as GameStop, AMC surge
A basket of so-called meme stocks is surging, fueled by afternoon rallies for $GameStop(GME.US$ and $AMC Entertainment(AMC.US$.
The group of 37 retail-trader favorites tracked by Bloomberg soared 10% Tuesday, the most since early June, as trading volumes accelerated. GameStop and AMC, two of the most closely-followed meme stocks, surged 28% and 20% respectively.
Source: Bloomberg, Dow Jones, CNBC, Financial Times
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
38KFollowers
26Following
41KVisitors
Follow
orine : Hi what are you doing
Richysan : not much trying to fix my 90 suburu Justy
Richysan : no spark
71018167 : Thank you for sharing everything. Awesome
KHINHSUHLAING :
etxy1 : Watch out for Friday where Powell will deliver his speech
Louis Soh : HoDl
satay77777 : latest
QiE12088 :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")