GME Stock Forecast: GameStop rebounds as retail stocks shrug off WalMart warning
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFER- NYSE:GME gained 4.16% during Wednesday’s trading session.
- Retail stocks rebound following WalMart’s lowered guidance for the year.
- Coinbase faces an SEC investigation over some crypto listings.
NYSE:GME snapped its three-day losing streak following its 4 for 1 stock split, and rose alongside the broader market rally. On Wednesday, shares of GME added 4.16% and closed the trading session at $33.78. All three major indices jumped higher and accelerated their gains into the closing bell. The Fed raised interest rates by a further 75 basis points, although Fed Chairman Jerome Powell hinted that if inflation is under control, the Fed could slow the pace of its hikes. Following the news, the Dow Jones rose by 436 basis points, the S&P 500 gained 2.62%, and the NASDAQ jumped higher by 4.06% during the session.
Stay up to speed with hot stocks' news!
Retail stocks shrugged off a stark warning from WalMart (NYSE:WMT) on Tuesday after the retail giant lowered its guidance for the quarter and the rest of 2022. Still, on Wednesday, investors bought the dip as WalMart (NYSE:WMT), Target (NYSE:TGT), Costco (NASDAQ:COST), and Home Depot (NYSE:HD) all rebounded during the session. Chairman Powell’s comments revealed that the Fed does not believe the US economy is currently in a recession. Whether they believed it or not, investors were buying up the rare dip in these blue-chip stocks.
Gamestop stock price
GameStop’s chief NFT marketplace rival Coinbase (NASDAQ:COIN) saw its stock fall by more than 20% earlier in the week. The reason was the announcement of an SEC probe into some of the cryptocurrencies it lists on its exchange. An ex-Coinbase manager was also charged with insider trading recently. All of the negative news has led Ark Invest to dump its stake in Coinbase. Shares were up by 11.15% on Wednesday.
Like this article? Help us with some feedback by answering this survey:
- NYSE:GME gained 4.16% during Wednesday’s trading session.
- Retail stocks rebound following WalMart’s lowered guidance for the year.
- Coinbase faces an SEC investigation over some crypto listings.
NYSE:GME snapped its three-day losing streak following its 4 for 1 stock split, and rose alongside the broader market rally. On Wednesday, shares of GME added 4.16% and closed the trading session at $33.78. All three major indices jumped higher and accelerated their gains into the closing bell. The Fed raised interest rates by a further 75 basis points, although Fed Chairman Jerome Powell hinted that if inflation is under control, the Fed could slow the pace of its hikes. Following the news, the Dow Jones rose by 436 basis points, the S&P 500 gained 2.62%, and the NASDAQ jumped higher by 4.06% during the session.
Stay up to speed with hot stocks' news!
Retail stocks shrugged off a stark warning from WalMart (NYSE:WMT) on Tuesday after the retail giant lowered its guidance for the quarter and the rest of 2022. Still, on Wednesday, investors bought the dip as WalMart (NYSE:WMT), Target (NYSE:TGT), Costco (NASDAQ:COST), and Home Depot (NYSE:HD) all rebounded during the session. Chairman Powell’s comments revealed that the Fed does not believe the US economy is currently in a recession. Whether they believed it or not, investors were buying up the rare dip in these blue-chip stocks.
Gamestop stock price
GameStop’s chief NFT marketplace rival Coinbase (NASDAQ:COIN) saw its stock fall by more than 20% earlier in the week. The reason was the announcement of an SEC probe into some of the cryptocurrencies it lists on its exchange. An ex-Coinbase manager was also charged with insider trading recently. All of the negative news has led Ark Invest to dump its stake in Coinbase. Shares were up by 11.15% on Wednesday.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.