GME Stock Price: GameStop Corp sinks as markets pull back on high inflation report

NYSE:GME inched lower on Tuesday as the broader markets recoiled after the latest inflation report cancelled out a hot start to the day. Shares of GME fell by 1.40% and closed the trading session at $144.87. Consumer prices for the month of March showed that inflation in the US economy hit its highest levels since 1981. All three markets started the day in the green but closed the session below water. The S&P and NASDAQ fell for the third straight day, while the Dow Jones dropped by 87 basis points during the session.

GameStop’s recent announcement of a stock split has retail traders on Reddit and Twitter abuzz. The popular stock was the leading catalyst in the retail short squeeze that took place in January of 2021. If there is one thing that gets retail traders more excited than a squeeze, it is a stock split. GameStop has stated that the upcoming stock split will be in the form of a dividend and not a traditional share split. On the surface it won’t affect shareholders much, but it will allow short sellers to not have to pay back the dividend. It also likely won’t trigger a squeeze which is something else retail traders were hoping for.

GME stock forecast

GameStop’s upcoming NFT marketplace with Immutable X has been garnering a lot of attention in the crypto industry. But in what has been a bearish market as of late, NFT sales and transactions are slowing down. Still, it hasn't stopped major companies like Sony and the NBA from releasing or announcing new NFT series. The demand for new NFT marketplaces has also been high as of late after the industry’s largest site, OpenSea, was once again hacked.