Gamestop shares soar – E24

Gamestop shares soar – E24
Gamestop shares soar – E24

The price development comes after the user “Roaring Kitty” published a cryptic post on platform X.

Photo: Peter Morgan / AP / NTB

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The matter is updated throughout the trading day.

Here’s what it looks like on the leading stock market indices in the USA at 4:00 p.m.:

  • The S&P 500 is up 0.11 percent
  • The Dow Jones rises 0.29 percent
  • The Nasdaq Composite is up 0.09 percent

The oil price has risen around one dollar since closing time on Friday, and a barrel of North Sea oil (burnt spot) is currently trading for $83.16.

– Need insurance

On Friday, Wall Street ended mixed with relatively small gains. The Dow Jones index climbed for the eighth day in a row.

As investors wait for Wednesday’s inflation figures (CPI) from the US authorities, the indices are now close to the all-time high levels from March.

The background is, among other things, a cooling in the labor market, which gives hope of further interest rate cuts and several strong quarterly reports, according to Reuters.

– The market likes it, but also needs an assurance that inflation is not on the way up again and possibly falling. That will give the Fed cover for at least one, or perhaps two, rate cuts before the end of the year.

Thomas Hayes, chairman of Great Hill Captial LLC, tells the news agency.

Gamestop jump

Among the shares with the most movements in pre-trade on Monday was games retailer Gamestop.

The stock is referred to as a “meme” stock, which are stocks that often experience large fluctuations due to attention from people who follow them online.

Gamestopp shares were at one point up more than 37 percent after “Roaring Kitty” posted for the first time in about three years.

The image, which was posted on X, shows a gamer leaning forward in a chair:

The user “Roaring Kitty” was described as a driving force on the Reddit forum in connection with the war over Gamestop stock in 2021.

Last month, the stock hit a three-year low. It was then traded for $9.95, according to CNBC.

The share rises more than 90 per cent at 4pm.

Mixed in world markets

On European stock exchanges, the picture was mixed on Monday morning.

The broad Stoxx Europe 600 index climbs a cautious 0.1 percent. Travel shares contributed to the rise, according to Reuters.

The development was also mixed on Asian exchanges in the morning hours.

The article is in Norwegian

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