April 16, 2024

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Dow, S&P, Nasdaq rise over 1% each, GameStop falls 60%

3 min read

U.S. equity markets rallied Tuesday as bipartisan COVID-19 relief talks appeared to be making headway on Capitol Hill.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30687.48 +475.57 +1.57%
SP500 S&P 500 3826.31 +52.45 +1.39%
I:COMP NASDAQ COMPOSITE INDEX 13612.777089 +209.38 +1.56%

The Dow Jones Industrial Average gained 476 points, or 1.58%, while the S&P 500 and the Nasdaq Composite advanced 1.39% and 1.56%, respectively.

Ticker Security Last Change Change %
GME GAMESTOP CORP 90.21 -134.80 -59.91%
AMC AMC ENTERTAINMENT HOLDINGS INC 7.85 -5.52 -41.29%
BBBY BED BATH & BEYOND INC. 25.38 -4.88 -16.13%
BB BLACKBERRY LIMITED 11.56 -3.06 -20.93%

GameStop Corp. shares fell for the second session as bulls and bears continue to do battle in the highly volatile stock. Shares plunged 60% to their largest one-day percentage drop ever. Other recent high flyers, including AMC Entertainment Group, Bed Bath & Beyond Inc. and BlackBerry Ltd. were also under pressure.

In Washington, President Biden met with 10 Republican Senators on Monday afternoon to discuss their approximately $618 billion COVID-19 aid package that would extend a third round of stimulus checks to some Americans, grant an additional $300 a week in supplemental unemployment benefits through June and provide $50 billion for small businesses. He lunched with U.S. Treasury Secretary Janet Yellen today who was also meeting with the Democratic caucus.

REDDIT TRADERS COULD KEEP TERRORIZING WALL STREET: GOLDMAN SACHS

Ticker Security Last Change Change %
UPS UNITED PARCEL SERVICE INC. 160.29 +4.03 +2.58%
FDX FEDEX CORPORATION 242.43 +3.15 +1.32%

Looking at corporate and earnings news, United Parcel Services Inc. said adjusted quarterly profit rose 27% year over year as the e-commerce boom fueled by the COVID-19 pandemic resulted in a surge in home-delivery demand. The company also received a boost from its role in delivering COVID-19 vaccines.

Ticker Security Last Change Change %
PFE PFIZER INC. 34.99 -0.80 -2.24%

Pfizer Inc. forecast $15 billion in sales from the COVID-19 vaccine it is producing along with BioNTech and raised its full-year outlook. Prior quarter sales from the vaccine were one-third of what was expected.

Ticker Security Last Change Change %
CVS CVS HEALTH CORPORATION 71.83 +0.37 +0.52%
COST COSTCO WHOLESALE CORPORATION 355.58 +5.06 +1.44%
WMT WALMART INC. 140.79 +1.53 +1.10%
WBA WALGREENS BOOTS ALLIANCE INC. 48.44 -0.39 -0.80%

U.S. pharmacies including CVS, Costco, Walmart, Walgreens and others are expected to start receiving COVID-10 vaccines next week.

In deal news, Uber is buying alcohol delivery app Drizly for $1.1 billion.

Ticker Security Last Change Change %
UBER UBER TECHNOLOGIES INC. 56.46 +3.70 +7.01%

CEO Dara Khosrowshahi said the deal is an example of the company’s push to diversify into new areas.

Ticker Security Last Change Change %
XOM EXXON MOBIL CORPORATION 45.63 +0.71 +1.58%
CVX CHEVRON CORP. 87.05 +0.58 +0.67%

Exxon Mobil Corp. announced an additional $3 billion of expense reductions and reported its first annual loss in 40 years as the COVID-19 pandemic resulted in a sharp drop in demand for oil and gas. The oil giant also created a “Low Carbon Emissions” unit that will help reduce greenhouse gases by up to 20% by 2025.  The oil giant reportedly held talks with rival Chevron during the height of the pandemic last year, as reported by the WSJ.

Ticker Security Last Change Change %
HOG HARLEY DAVIDSON 33.28 -6.90 -17.17%

Meanwhile, Harley-Davidson Inc. unveiled its five-year turnaround plan called “The Hardwire” as shipments to dealers plunged 32% from a year ago to their lowest level since 1997. Annual retail sales, meanwhile, sank 17% to the weakest since 1998.

Elsewhere, Tesla Inc. announced it would recall 134,951 Model S and Model X vehicles after a U.S. regulator warned their touchscreen displays could fail.

Ticker Security Last Change Change %
TSLA TESLA INC. 872.79 +32.98 +3.93%

Tech giants Alphabet Inc. and Amazon Inc. will report their quarterly results after the closing bell.

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 3,380.00 +37.12 +1.11%
GOOGL ALPHABET INC. 1,919.12 +26.05 +1.38%

In commodities, silver plunged $3.014, or 10%, to $23.38 an ounce a day after posting their largest gain in almost 12 years. Elsewhere in the space, gold fell $30.30 to $1,830.50 an ounce and West Texas Intermediate crude oil jumped $1.21 to $54.76 a barrel.

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Overseas markets were higher across the board with France’s CAC 40 leading the advance in Europe, trading up 1.86%, while Germany’s DAX 30 and Britain’s FTSE 100 climbed 1.56% and 0.78%, respectively.

In Asia, Hong Kong’s Hang Seng index gained 1.23%, Japan’s Nikkei 225 rallied 0.97% and China’s Shanghai Composite index added 0.81%.

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