US Stock Market Today: It's Gamestop (GME) day, again!
Here is what you need to know on Wednesday, January 27 2021:
European indices were weak on Wednesday, with the FTSE down 1.4%, Euro Stoxx down 2% and the Dax down nearly 1.9%.
Overnight, Asian stocks closed mixed with the Nikkei up 0.3% and the Hang Seng down 0.3%.
US markets were pointing towards a weaker open with Dow futures down 1%, S&P down 1.2% and Nasdaq futures down 0.9%.
EuroStoxx 50
Asian markets were mixed on Wednesday, with the Nikkei finishing up 0.3% The IMF raised its forecast for global growth, which is seen as helping the very open Japanese economy. The broader Japanese index the Topix gained 0.65%, but the Hang Seng closed lower.
European markets were broadly flat in early Wednesday trade but turned lower as the day progressed. French consumer confidence fell in January, while German consumer confidence fell to an eight-month low. Worries over vaccine supplies continued to weigh on markets as AstraZeneca said the EU was late in agreeing to a contract resulting in supply problems for the bloc.
US Stock futures were also weak on Wednesday as Boeing disappointed and was down 4% in Wednesday’s pre-market. Starbucks was also lower and investors waited on earnings from Apple (AAPL), Facebook (FB) and Tesla (TSLA) after the close on Wednesday.
Investors were awaiting the Fed interest rate decision later on Wednesday, with particular interest in what Powell will say in the post-decision press conference.
Gamestop (GME) continued to be the number one stock discussed across all major business media outlets as GME shares traded up to $360 during Wednesday’s pre-market. GME shares fell back to $206 not long after!!
Another in vogue stock Bed Bath & Beyond (BBBY) was downgraded by Baird but raised its price target for BBBY.
Johnson & Johnson (JNJ) was upgraded by Wells Fargo, Piper Sandler increased its price target for Facebook (FB) and Wedbush upped its Starbucks (SBUX) price target.
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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.
