Wall Street Today | GameStop leads the way as meme stocks eye best day since Aug
Stocks set for steady open as policy meetings loom
Asian stocks looked set for a steady open Tuesday as traders evaluated a record-high close for U.S. equities and awaited key central bank decisions amid concerns about elevated inflation.
Futures were little changed for Japan and rose for Hong Kong. Australian stocks opened little changed. U.S. contracts fluctuated after optimism over corporate earnings saw the $S&P 500 Index (.SPX.US)$ hit a new peak and the $Dow Jones Industrial Average (.DJI.US)$ touch 36,000 for the first time. Electric-vehicle giant $Tesla (TSLA.US)$ extended a rally. An index of Chinese stocks traded in the U.S. jumped the most since early October.
Smaller stocks are poised to shine, dot-com veteran Jacob says
Ryan Jacob, a veteran of the dot-com boom-and-bust era who has worked his way back to the upper reaches of the fund-performance heap, isn't worried about equities being expensive, though he expects smaller stocks to outperform heading into 2022.
"We're heading for a period where small caps are going to outperform large caps to a significant degree. And it has to do with interest rates" heading higher, he said.
GameStop leads the way as meme stocks eye best day since August
A group of retail-trader favorites is on pace for its best day since late August, led by a mid-afternoon surge for $GameStop (GME.US)$.
The basket of 37 so-called meme stocks tracked by Bloomberg soared as much as 14% Monday as trading volume for the video game retailer and speculative peers accelerated. GameStop and $SoFi Technologies (SOFI.US)$ led the group higher as mentions on platforms like Stocktwits and Reddit's WallStreetBets jumped.
Singapore has grand ambitions to become a global crypto hub
"We think the best approach is not to clamp down or ban these things," said Ravi Menon, managing director of the Monetary Authority of Singapore, which regulates banks and financial firms.
Instead, MAS is putting in place "strong regulation," so firms that meet its requirements and address the multitude of risks can operate, he said in an interview.
Rivian Automotive targets IPO valuation just above $60 billion
$Rivian Automotive (RIVN.US)$ is seeking a valuation in a range just above $60 billion in its initial public offering next week, one of the biggest and most-anticipated deals yet in a blockbuster year for new issues.
Shiba inu passes dogecoin in the top 10 cryptocurrencies
Two meme cryptocurrencies, both inspired by shiba inu dogs, are now within the top 10 by market value.
As of Monday afternoon, dogecoin, which launched in 2013 as a joke, ranks No.10 with a market value of over $35 billion, according to CoinGecko. It’s currently trading at around 27 cents. A token called shiba inu, which launched in 2020 to poke fun at dogecoin, ranks No.9 with a market value of over $38 billion. Shiba inu hit an all-time high of $0.00008616 on Thursday.
Amazon plans to launch its first internet satellites in late 2022
"There is no substitute for on-orbit testing, and we expect to learn a lot given the complexity and risk of operating in such a challenging environment," $Amazon (AMZN.US)$ vice president of technology Rajeev Badyal said in a statement.
Called KuiperSat-1 and KuiperSat-2, Amazon said the satellites will launch with rocket builder ABL Space on its RS1 vehicle.
Called KuiperSat-1 and KuiperSat-2, Amazon said the satellites will launch with rocket builder ABL Space on its RS1 vehicle.
A Singapore start-up raked in almost $3 million in sales in 2 months — all through Facebook
In September 2020, the three co-founders of Singapore-based Mdada, a social commerce start-up, did their first $Meta Platforms (FB.US)$ livestream to sell products.
To date, Mdada has garnered more than 5 million livestream views, with more than 28,000 followers. The company has grown to almost 30 employees. Mdada's unaudited revenue for the financial year ended Sept. 30 came in at about $15 million Singapore dollars ($11.1 million).
Source: Bloomberg, WSJ, CNBC
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!
39KFollowers
26Following
46KVisitors
Follow
leechoonyau : Markets can stay irrational longer than you can stay solvent. Take note. Please help like andcommend and follow ya
wywy retirement fund : morning
Chiapopo : ok
THEWIZARD :
101597678 Tan C P : good article.
Okiee : Ok
YTRT : Thanks
US KELBY : Thanks
Ter23 : ok
Dadaho : nice
View more comments...