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