Wall Street Today | Meme stocks suffer worst day since June as risk-off rages
Asia stocks set for steady start; Oil, yields jump
Asian stocks looked set for a steady start Wednesday after a mixed Wall Street session and a further climb in Treasury yields as traders weighed the prospect of tighter monetary policy to curb inflation.
Australia edged up at the open. Futures for Japan and Hong Kong were little changed. U.S. futures dipped modestly. Energy and financials helped the $S&P 500 Index (.SPX.US)$ eke out a gain, while the $NASDAQ 100 Index (.NDX.US)$ extended a drop. A gauge of Chinese shares traded in the U.S. fell for a second day.
Mall brands plunge as Gap, Nordstrom add to supply worries
Mall staples $Gap Inc (GPS.US)$ and $Nordstrom (JWN.US)$ tumbled after reporting disappointing results, adding to a series of worrisome retail earnings and renewing concerns over the global supply-chain crisis.
Gap shares fell 17% as of 5:55 p.m. Tuesday after regular trading in New York, while Nordstrom plunged 23%. Mall-based peer $Abercrombie & Fitch (ANF.US)$, which reported results prior to the market open, fell 13% Tuesday. $Urban Outfitters (URBN.US)$ slipped 9% after its earnings report.
Meme stocks suffer worst day since June as risk-off rages
Meme stocks including $GameStop (GME.US)$ and $Bed Bath & Beyond Inc (BBBY.US)$ are tumbling Tuesday as investors bail out of riskier assets in favor of value-oriented companies.
A group of 37 retail-trader favorites tracked by Bloomberg fell 5.5% Tuesday, the worst drop for the group since mid-June.
Profitable companies are leaving money-losing stocks in the dust
Making a profit is really paying off again. Investors are rewarding companies that make money at the highest rate in almost two decades when compared to their money-losing peers.
The average return for profitable members of the $Russell 3000 Index Ishares (IWV.US)$ is 36% this year, about triple the gains for unprofitable companies, data compiled by Bloomberg show.
Retail traders jump back into tiny biotechs ahead of holiday
Two tiny biotechs, $iSpecimen (ISPC.US)$ and $Longeveron (LGVN.US)$, are the latest to see their stocks caught up in a social media-fueled frenzy ahead of a U.S. trading holiday.
ISpecimen closed 49% higher Tuesday after more than doubling at the open and triggering a volatility halt. The stock is majority held by individuals and about 44% is held by insiders.
Rocket Lab CEO says companies not reusing rockets are making 'a dead-end product'
$Rocket Lab (RKLB.US)$ CEO Peter Beck has dramatically changed his tune on reusing rockets, a practice made increasingly popular by Elon Musk's SpaceX.
"I think anybody who's not developing a reusable launch vehicle at this point in time is developing a dead-end product because it's just so obvious that this is a fundamental approach that has to be baked in from day one," Beck said on Tuesday.
SpaceX is launching a NASA spacecraft that will crash into an asteroid
Elon Musk's SpaceX is set to launch a first-of-its-kind planetary defense mission for NASA in the early hours of Wednesday morning. "We're smashing into an asteroid," NASA's Launch Services Program senior launch director Omar Baez said.
The mission is known as the Double Asteroid Redirection Test (or DART). NASA is trying to learn how to deflect a threat if it were headed toward Earth.
Apple sues company known for hacking iPhones on behalf of governments
$Apple (AAPL.US)$ is suing NSO Group, an Israeli firm that sells software to government agencies and law enforcement that enables them to hack iPhones. Amnesty International said earlier this year it discovered recent-model iPhones belonging to journalists and human rights lawyers that had been infected with NSO Group malware.
Apple said on Tuesday it patched the flaws that enabled the NSO Group malware and would warn iPhone owners who may have been targeted.
Source: Bloomberg, CNBC
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popcorn muncher : Investors 'bailing out' of GME? They wish! Apes ain't selling.
Mr_Tom :
ThinkingApe : GameStop and Opendoor Technologies Inc. were the worst performers as individual investors opted to flip thinly traded biotech stocks
Drodrigues popcorn muncher : AMC EITHER!
Residue 1 : Doge the Shib and Sand the Gala