TRENDING:

Gold Price

EUR/USD

US Stock Market Today: Gamestop (GME) and /wallstreetbets dominate weekend headlines

Ivan Brian FXStreet

Here is what you need to know on Monday, February 1:

European indices started the week in positive territory with the FTSE up 1.8%, EuroStoxx up 2% and Dax up 1.5%.

Overnight, Asian stocks closed in the green with the Nikkei ending 1.55% higher and the Hang Seng closing 2.15% higher.

US markets were pointing towards a higher open with Nasdaq up 1%, Dow futures up 0.7% and S&P futures showing a gain of 1%.

EuroStoxx 50

Asian markets shrugged off weak Chinese factory data to end the day strongly with most indices in the region ending Monday on a positive note. Nintendo reported strong earnings which pushed the stock up by nearly 4%.

European markets were also strong on Monday as news of an agreement between the EU and AstraZeneca calmed fears over further vaccine supply problems.

Shares in mining and silver related stocks helped push the FTSE higher, as silver looked to be the next target in the crosshairs of the retail trading phenomenon.

EU unemployment and PMI came in as expected at 8.3% and 54.8 respectively but German retail sales came in well below expectations with a 9.6% fall for December.

Ryanair announced it expects a record loss of $1.2 billion for the year to March 31 but sees a sharp recovery in the second half of 2021.

US stock futures were strong on Monday as investors looked to the next target of retail trading frenzy and worried over stimulus talks in Washington. Deutsche Bank's Jim Reid worried over the tech sector saying some tech stocks had “eye-watering valuations”.

KeyBanc downgraded Bed Bath & Beyond (BBBY) and Lowe’s, Piper Sandler raised its price target on Tesla (TSLA) and Chipotle (CMG), Citi downgraded ViacomCBS (VIAC), Discovery Bank of America downgraded Moderna (MRNA) and Morgan Stanley downgraded Virgin Galactic (SPCE).

Stocks covered at FXStreet:

Apple (AAPL) Stock Price Forecast: Apple Inc always worth taking a bite! Ex dividend on Feb 5

Should I buy GameStop (GME Stock) right now? Update: Fed's green light battles profit-takers

Gamestop (GME) Stock Price and Forecast: Are shares going to break $500 today?

AAL Stock Price: American Airlines Group inc soars, squeezing short sellers, shrugging covid concerns

GE Stock Forecast: General Electric Company (GE) flat as Morgan Stanley raises price target

NIO Stock Price and Forecast: NIO’s recent weakness tests key support level

PLTR Stock Price: Palantir Technologies Inc (PLTR) signs enterprise partnership with Rio Tinto (RIO)

NNDM Stock Price: Nano Dimension Ltd pauses for breath after recent rally

Gamestop (GME): Should I buy or should I sell Gamestop now?

BB Stock Price: BlackBerry Ltd shrugs defies bearish analysts, competes with Gamestop for attention

AMC Stock Price: AMC Entertainment Holdings Inc revives after CEO says bankruptcy is off the table

PLTR Stock Price: Palantir Technologies Inc dips as investors assess the Demo Day

SENS Stock Price: Senseonics Holdings Inc soars as investors await pending FDA approval

NNDM Stock Price: Nano Dimension Ltd skyrockets after a well-known investment firm takes a big bite

BNGO Stock Forecast: BioNano Genomics Inc soars by 28.37% after raising funds, bullish analysis

Gamestop (GME) Stock Price and Forecast: Why is it moving? The paradigm of a changing landscape

Gamestop (GME) Stock Price and Forecast: The hottest stock of 2021, why is it moving today?

F Stock Price: Ford Motor Company trades flat despite an upgrade from a prominent name

FCEL Stock Price: FuelCell Energy Inc gains after beating revenue estimates last quarter

CCIV stock price and news: Churchill Capital Corp IV soars on Lucid Motors SPAC merger hopes

Li Auto Inc Stock Price and News: Bulls eye a Biden boost after the Jefferies jump

AMC Entertainment Holdings (AMC) stock price trends lower despite $100 million debt offering

TRXC Stock Price: Transenterix Inc takes investors for a ride after obtaining European approvals

MRNA Stock Forecast: Moderna Inc dips on concerns of allergic reactions to its COVID-19 vaccine

AZN Stock Forecast: AstraZeneca plc gains on urgent European demand for its COVID-19 vaccine

BNGO Stock Forecast: BioNano Genomics Inc set to crash after offering shares at 35% below close price

Aurora Cannabis (ACB) Stock Price and Forecast: Rollercoaster for getting high!

AT Stock Price: Atlantic Power Corp soars on news of acquisition by I Squared Capital

NEXT Stock Price: NextDecade Corp gains again despite a further setback in its plans for Europe

BB Stock Price: BlackBerry Ltd set to extend gains as it dances with three giants

Facebook (FB) Stock Price and Forecast: WhatsApp signals some problems, FB and GOOGL face antitrust lawsuit

Signal Advance Inc (SIGL) Stock Price and Forecast: The WhatsApp (FB) killer, except it is not!

Alibaba (BABA) Stock Price Forecast: Gains 3% on IM electric sedan launch

Delta Air Lines (DAL) Stock Price and Forecast: Preparing for take off

NIO Stock Price Forecast: Carmaker weathers comments calling for a correction, a sign of strength

Ideanomics Inc (IDEX) Stock Price and Forecast: Charging ahead with the sector

BNGO Stock Forecast: BioNano Genomics Inc eyes all-time highs after cancer-related progress

TTCF Stock Price: Tattooed Chef Inc readies for a breakout as new vegan options hit mainstream

PLTR Stock Price: Palantir Technologies Inc holding onto high ground after analyst boost

The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.

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

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

GBP/USD flirts with two-day lows near 1.3180

GBP/USD remains on the back foot in the latter part of Tuesday’s session, sliding to the sub-1.3200 area and challenging weekly lows. Cable’s decline comes as investors assess the political uncertainty in the UK, coupled with softer-than-expected UK PMI data and the better tone in the Greenback.

EUR/USD weakens below 1.1400 on stronger Dollar

EUR/USD adds to Monday’s losses and recedes below the 1.1400 support to clinch fresh 13-month lows in the latter part of Tuesday’s NA session. The pair’s marked sell-off comes on the back of the persistent move higher in th US Dollar, always propped up by rising bets of further tightening by the Fed.

Gold appears supported near $4,100 for now

Gold rapidly reverses Monday's bounce and is trading sharply lower on Tuesday. The yellow metal, however, manages well to keep business above the $4,100 mark per troy ounce despite a firmer US Dollar and expectations that the Fed will keep rates higher for longer.

Bittensor and Near Protocol Outlook: AI-linked tokens face deeper sell-off

The cryptocurrency market trades amid increasing sell-side pressure on Tuesday, reflecting a broader deterioration in sentiment and appetite for risk assets. Artificial Intelligence (AI)-linked tokens such as Bittensor (TAO) and Near Protocol (NEAR) exhibit both fundamental and technical weaknesses, trading at $217 and $1.99, respectively.

"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.