GME Stock Forecast: GameStop rises but posts a losing week despite meme stock frenzy

NYSE:GME gained 3.27% during Friday’s trading session.
GameStop once again underperformed Bed Bath and Beyond as meme stock revival continues.
Coinbase rebounded on Friday despite a credit rating downgrade.

Stocks Reporter FXStreet

NYSE:GME saw another volatile week of trading that resulted in the original meme stock posting a losing week. On Friday, shares of GME managed to add 3.27% and closed the trading session at $40.74. Stocks surged on Friday as investors are reacting positively to the CPI report from earlier this week. Slowing inflation in the US economy is being seen as a good thing for the stock market. Overall, the Dow Jones gained 424 basis points, the S&P 500 rose by 1.73%, and the NASDAQ posted a 2.09% gain during the session.

Stay up to speed with hot stocks' news!

In a week where meme stocks were once again in the spotlight, GameStop had a surprisingly flat performance. It trailed the current meme stock of choice, Bed Bath and Beyond (NASDAQ:BBBY) which saw another massive gain of 21.83% on Friday. AMC (NYSE:AMC) put up a loss on Friday, showing that this current squeeze is not necessarily a sector-wide one. Shares of Bed Bath and Beyond are up a staggering 150% over the past month of trading compared to just 15% from GameStop.

GameStop stock price

GameStop’s NFT rival Coinbase (NASDAQ:COIN) saw its stock bounce back on Friday after a near 11% loss the day before. Coinbase trading has been volatile as of late following a disappointing earnings report and the announcement of another SEC investigation. Coinbase also received a downgrade to its credit rating from S&P Global, which cited Coinbase’s weak second quarter performance as the primary motivating factor. Shares of COIN were up 7.73% during Friday’s session.

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 struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.

XRP rises alongside peers as ETFs attract inflows

Ripple (XRP) is gaining upside momentum, trading above $1.40 at the time of writing on Wednesday. The remittance token is rising in tandem with major crypto assets, including Bitcoin (BTC), which has crossed above the pivotal $70,000 level, and Ethereum (ETH), which is holding above $2,000.

First Venezuela, now Iran: The US-China energy war escalates

At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.

Bittensor extends recovery despite retail demand slump

Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.