GME Stock Price: Gamestop slumps as markets pullback further on weak jobs report

NYSE: GME fell by 5.05% during Friday’s trading session.
Robinhood allegations are dismissed by a Miami Judge.
GameStop stock is struggling ahead of its earnings call next week.

Stocks Reporter FXStreet

NYSE: GME failed to stay positive to close the week as it reversed course on its short-lived rebound from Thursday’s session. Shares of GME fell by 5.05% and closed the tumultuous week at $172.39. As with most other stocks, GameStop tumbled this week, losing over 15% during what was one of the worst trading weeks of the calendar year. On Friday, there was more blood on the streets as a weaker than expected jobs report for the month of November caused all three major indices to give way once again. The NASDAQ fell the hardest as the tech-heavy index tanked by a further 1.92%, while the benchmark S&P 500 also fell by 0.84% during the session.

Stay up to speed with hot stocks' news!

Earlier this week, the class-action lawsuit that had been filed by a group of retail investors was dismissed by a Judge in a Miami Federal Court. The allegations were against Citadel Securities as well as investment brokerage Robinhood (NASDAQ: HOOD), and claimed that the retail investors were prevented by the platforms from buying shares of GameStop and AMC (NYSE: AMC) during the short squeeze. The Judge cited that the group did not present enough direct evidence that the companies were involved in an antitrust conspiracy. Shares of Robinhood were down 10.95% on Friday.

GME stock news

GameStop’s stock is at a vulnerable point ahead of the company’s third quarter earnings call next week. Not only is the retail sector being heavily affected by the emergence of the Omicron variant of the coronavirus, but the company hasn’t provided much of an update on its ongoing digital transformation. Shareholders will be looking for news on the NFT and Blockchain integration that Chairman Ryan Cohen has been teasing.

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

Author

Stocks Reporter

FXStreet

GBP/USD advaces beyond 1.3450 after BoE decision, US Q2 GDP

GBP/USD gains positive momentum on Thursday, surpassing 1.3450 and trading at fresh multi-week highs. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helped the pair advance, while renewed US Dollar weakness across the FX board pushed the pair further up ahead of the monthly close.

EUR/USD confortable around 1.1530, highest in six weeks

The EUR/USD pair trades around 1.1530 in the American session on Thursday, reaching fresh six-week highs. The US Dollar is in sell-off mode, with multiple factors weighing on the American currency. Not only did the Federal Reserve vote divided to keep rates on hold on Wednesday, creating doubts about a September hike, but US Q2 GDP missed expectations. A suspected JPY intervention adds pressure on the Greenback.

Gold recovers the $4,100 level as US Dollar weakens further

Gold trades just above $4,100 amid a US Dollar sell-off. The Greenback enjoyed some near-term demand following Wednesday's post-FOMC downfall, but was unable to retain its gains. The preliminary estimate of the US Q2 GDP showed the economy grew at an annual rate of 1.5%, missing the market's expectations of 2.1%.

Bank of Japan set to keep interest rates unchanged after suspected Yen intervention

Investors are turning their attention to the Bank of Japan’s monetary policy announcement on Friday, after the Japanese Yen staged a dramatic rebound during Thursday's American session. The move came amid growing speculation that Japanese authorities intervened in the foreign exchange market after USD/JPY tumbled from above 163.00 to below 158.00 within minutes.

Aave to sunset Sonic, Aptos, zkSync, Scroll reserves, affecting $98 million in supply

Aave is planning to sunset 75 low-activity reserves across its decentralized finance protocol as part of a broader effort to reduce operational, technical and economic risks across its network of deployments.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.