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Wall Street fades from initial progress as Dow slinks back into the red

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12:16pm: Clover Health the latest meme stock to see wild volatility

In the US, the Dow back down again at midday, dropping 37 points, 0.1%, to 34,563. The industrials started in the red and broke into positive territory only to drop back down. The Nasdaq was up 22 points, 0.2%, to 13,947 after losing much of its early gains, and the S&P 500 added 2 points to 4,229.

The newest meme stock appears to be Clover Health Investments Corp (NASDAQ:CLOV), which gained 85% on Tuesday and added another 15% to a high of $28.85 at the open. Since, though, the stock has tumbled to $19.26, a 13% dip on the day.

9:52am: Proactive North America headlines:

TechX Technologies Inc (CSE:TECX) (OTC:TECXF) (FRA:C0B1) says portfolio cryptocurrency company Catalyx launches Canadian dollar-backed stablecoin on top-15 global exchange

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) (FRA:FMG) says JV Partner at Pickle Crow Gold completes stage one earn-in

Renforth Resources Inc (CSE:RFR) (OTCPINK:RFHRF) (FRA:9RR) poised to start drilling at its Surimeau District battery metals project; reports more Parbec drill results

Braxia Scientific Corp (CSE:BRAX) (OTCMKTS:BRAXF) (FRA:496) team-led guidelines into clinical uses of ketamine and esketamine published in prestigious American Journal of Psychiatry

Ascendant Resources Inc (TSE:ASND) (OTCMKTS:ASDRF) (FRA:2D9) begins a new preliminary economic assessment on its Lagoa Salgada project in Portugal

American Manganese Inc (CVE:AMY) (OTCMKTS:AMYZF) (FRA:2AM) applauds new White House report on building resilient battery supply chains in the US

GoviEx Uranium Inc (CVE:GXU) (OTCQB:GVXXF) (FRA:7GU) sees ‘some very remarkable intercepts’ in Falea project exploration drilling

Organic Garage Ltd (CVE:OG) (OTCQX:OGGFF) (FRA:9CW1) talks possible expansion, Instacart success and the Future of Cheese in corporate update

Clean Energy Fuels Corp (NASDAQ:CLNE) caught in Reddit memestock mania as shares surge in pre-market deals

Ximen Mining Corp (CVE:XIM) (FRA:1XMA) (OTCQB:XXMMF) begins camp construction for exploration program around Kenville gold mine in British Columbia

Unigold Inc (CVE:UGD) (OTCQX:UGDIF) (FRA:UGB1) reports drill results from Candelones in the Dominican Republic, which underline project’s potential

9.37am: Mostly in the green

The main indices on Wall Street were mostly in the green on Wednesday morning despite investor activity cooling into the summer period.

Shortly after the opening bell, the Dow Jones Industrial Average was down 0.03% at 34,587, while the S&P 500 climbed 0.19% to 4,235 and the Nasdaq rose 0.45% to 13,987.

One set of stocks seeing a positive start to the day were Clover Health and Clean Energy Fuels, two firms recently caught up in the latest ‘memestock’ trading frenzy speaRHeaded by members of the Reddit forum r/wallstreetbets.

In early deals in New York, Clover was up 11.5% at US$24.69 while Clean Energy surged 37% to US$13.56.

7:40am: Wall Street set for another mixed start

Wall Street is on track for an uninspiring open as investors play it cool ahead of this week’s latest inflation figures.

Trading is becoming a little thinner as the summer approaches, which is not helping matters.

The Dow Jones Industrial Average is expected to open down 17 points or a minuscule 0.05%. The S&P 500 is forecast to edge up 0.09% while the Nasdaq Composite is set for a 0.29% rise.

After the bell there could be some excitement, when one of the most (in)famous meme stocks, GameStop Corp (NYSE:GME) is due to report its quarterly figures.

GameStop shares have jumped 80% in the past month, and they are trading nearly 1% higher in pre-market.

The stock was the most traded on the US market during a January frenzy that was driven by investors on Reddit‘s wallstreetbets trading forum.

According to Reuters, analysts are forecasting revenue of $1.16bln for the quarter ending in April, up 14% from the year before when the pandemic hit sales of brick and mortar stores.

A loss of 84 cents a share is on the cards.

Three things to watch for on Wednesday:

  • Firms in the earnings calendar today include spirits and wine retailer Brown-Forman Corp (NNYSE:BF.B), food firm Campbell Soup Co (NYSE:CPB) and home furnishings group RH (NYSE:RH)
  • Aside from GameStop, another Reddit favourite, Clover Health Investments Corp (NASDAQ:CLOV), is also likely to draw attention after the medical insurance firm’s stock soared in Tuesday’s session and rose over 20% in pre-market deals this morning
  • On the macro front, the diary is looking a little thin although US mortgage data may prove of interest to some traders

Story by ProactiveInvestors


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