Dow picks up 400 points following inflation report, GameStop hits $300 for the first time since February
The Dow was up 412 points, 1.3%, to 32,245 at midday. The Nasdaq gained 76 points, 0.6%, to 13,096, and the S&P 500 picked up 32 points, 0.8%, to 3,907.
“The bulls are in control on Wall Street following the inflation report,” CMC Markets UK analyst David Madden wrote Wednesday. “As expected by economists, the headline US CPI reading for February rose to 1.7%. It was a jump from the 1.4% registered in January.”
GameStop Corp (NYSE:GME) is up more than 30% to $328.00, but a new company underwent a direct listing Wednesday that could also have meme stock potential: Roblox Corp (NYSE:RBLX). The online video game operator traded at around $71 in the mid morning, well above its reference price per share of $45 on Tuesday.
10:15am: Proactive North America headlines:
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Bragg Gaming Group Inc (TSE:BRAG) (OTCMKTS:BRGGF) (FRA:SL4A) subsidiary ORYX inks revenue-sharing agreement with Premier Gaming
Alternus Energy Group PLC (NOTC:ALT) shows turn to positive EBITDA and strong revenue growth in financial results for the year ended December 31, 2020
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Gungnir Resources Inc (CVE:GUG) (OTCPINK:ASWRF) (FRA:AMO1) outlines this year’s exploration plans at Swedish assets
OTC Markets Group (OTCQX:OTCM) introduces Excel-based data sets associated with Bank Call Reports and Bank Holding Company Y-9 Financial Statements
Empower Clinics Inc (CSE:CBDT) (OTCQB:EPWCF) (FRA:8EC) and MedX Health to pilot MedX’s teledermatology screening platform at two Empower Clinics locations in Ontario
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ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) (FRA:GMS1) launches AR-infused NFT creation engine Oasis Digital Studios with blockchain company Liquid Avatar Technologies
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Hannan Metals Limited (CVE:HAN) (OTCPINK:HANNF) (FRA:C8MQ) reports high-grade channel sample results from Tabalosos project at San Martin JOGMEC joint venture in Peru
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XPhyto Therapeutics Corp (CSE:XPHY) (OTCQB:XPHYF) FRA:4XT) and German partner announce successful quality certification for the Covid-ID Lab
9.41am: Wall Street starts ahead
The main indices on Wall Street got off to a positive start on Wednesday as stimulus optimism and reassuring US inflation data drove sentiment higher.
Shortly after the opening bell, the Dow Jones Industrial Average was up 0.77% at 32,078, while the S&P 500 climbed 0.79% to 3,905 and the Nasdaq rose 1.28% to 13,241.
The strong start followed data that showed US headline inflation rose to 1.7%, a 0.2% increase year-on-year and lower than analysts had predicted.
The softer figure may help alleviate anxieties among some investors in the bond market, where rising yields have held back equities in recent days.
Meanwhile, online video game platform Roblox Corp (NYSE:RBLX) will be hoping for a positive session as it begins trading on the public market today. The shares were provided a reference price of US$45 each on Tuesday evening, giving the company an expected market cap of around US$30bn.
7:50am: Wall Street to head higher
Wall Street futures are pointing at a green open as Joe Biden is expecting to finally see his US$1.9 trillion stimulus package passed through the House of Representatives later on Wednesday.
“While traders have been looking for this package as means to turbocharge the US economic recovery, there are plenty of questions over the impact it could have upon inflation,” commented Joshua Mahony, analyst at IG.
“Inflation expectations have already been soaring in the US, and the passing of this huge stimulus package adds further fuel to the fire. While Powell will try to soothe concerns that the Fed will need to tighten policy in the event of rising prices, the key questions is whether this package will accelerate the widespread expectations for a significant bounce in 2021 inflation levels.”
In a busy day for markets, Bumble Inc. (NASDAQ:BMBL) is set to release its first results after the Valentine’s Day IPO, same as Reddit darling AMC Entertainment Holdings Inc (NYSE:AMC).
Four things to watch for on Wednesday:
- Notable earnings for Wednesday include computing firm Oracle Corp (NYSE:ORCL) and food firm Campbell Soup Co (NYSE:CPB)
- Shares in General Electric Co (NYSE:GE) will also be in focus after the conglomerate agreed to merge its aircraft leasing unit with its rival AerCap in a deal worth around US$30bn
- Pfizer Inc (NYSE:PFE) could also draw attention following news that the EU Commission said the company and its partner BioNTech will supply 4mln more doses of its coronavirus vaccine
- On the macro front, US inflation data will be the big news, while a monthly budget statement could also draw some eyes as the US House of Representatives prepares to vote on the stimulus package
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/943480/dow-picks-up-400-points-following-inflation-report-gamestop-hits-300-for-the-first-time-since-february-943480.html
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