GME Stock Forecast: GameStop inches higher as post Fed rally continues

NYSE:GME gained 0.18% during Thursday’s trading session.
Microsoft reported a decline in gaming revenues for the recent quarter.
AMC is set to report its second quarter earnings next week.

Stocks Reporter FXStreet

NYSE:GME edged higher on Thursday but still managed to underperform the broader markets during another bullish rally following the recent Fed rate hike. Shares of GME added 0.18% and closed the trading session at $33.84. All three major indices turned higher again ahead of key earnings reports from tech giants Amazon (NASDAQ:AMZN) and Apple (NASDAQ:AAPL). Overall, the Dow Jones jumped by 332 basis points, the S&P 500 gained 1.21%, and the NASDAQ rose higher by 1.08% during the session.

Stay up to speed with hot stocks' news!

When Microsoft (NASDAQ:MSFT) reported its earnings earlier this week, it provided a glimpse into the performance of the gaming market. Not surprisingly, gaming revenue for the tech giant slipped by about 7.0% sequentially from the previous quarter. It’s been a bit of a downward trend since the COVID-19 lockdowns were lifted, which was always to be expected. But Microsoft has several other revenue streams that it can make profits from, whereas GameStop is still mostly reliant on game sales. While the NFT Marketplace has generated some revenues so far, it still isn’t enough to offset any declines in gaming revenues. GameStop will not report its second quarter earnings until September.

Gamestop stock price

Next week, GameStop’s running mate AMC (NYSE:AMC) will report its quarterly earnings. It is widely expected that AMC will report increases to revenues on both a sequential and year over year basis. Blockbusters like Top Gun: Maverick that were released in the quarter will likely help boost sales numbers for the company as well. Shares of AMC were up slightly by 0.73% on Thursday.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD revisits 1.1780, or daily lows

EUR/USD now comes under further selling pressure, breaking below the 1.1800 support to reach daily troughs on Thursday. The pair’s decline comes in response to a sudden bout of USD strength amid steady geopolitical tensions. Ealier in the day, the ECB’s Lagarde delivered cautious remarks, although the currency remained apathetic.

GBP/USD makes a U-turn, challenges 1.3500

GBP/USD rapidly leaves behind Wednesday’s strong advance, putting the 1.3500 support to the test on Thursday. Cable’s deep pullback follows the strong gains in the Greenback, while investors continue to pencil in a potential BoE rate cut in March.

Gold sticks to the bid bias, flirts with $5,200

Gold is now facing some downside pressure, hovering around the $5,170 region on Thursday. The precious metal adds to Wednesday’s optimism despite the Greenback trades in a firm fashion, although geopolitical tensions in the Middle East keep the yellow metal bid for now.