5 Min Read
(Reuters) - Amateur investors piled further into niche stocks on Tuesday, sending professional short sellers scrambling to cover losing bets, with GameStop skyrocketing for a fourth straight day, thanks in part to Elon Musk.
A man walks past a GameStop store in Austin, TX, U.S., March 26, 2018. Picture taken on March 26, 2018. REUTERS/Mohammad Khursheed
GameStop surged 50% in extended trade after Musk tweeted “Gamestonk!!”, along with a link to Reddit’s Wallstreetbets stock trading discussion group, where supporters affectionately refer to the Tesla CEO as “Papa Musk.” “Stonks” is a tongue-in-cheek term for stocks widely used on social media.
4 Min Read
NEW YORK (Reuters) - Major U.S. averages on Monday closed off their best levels of the day, although the S&P and Nasdaq still finished at record levels, as concerns over the timing and scope of fiscal stimulus dented optimism at the start of a week of earning reports from mega-cap companies.
Investors turned their focus to the U.S. Senate, which is aiming to pass COVID-19 relief legislation before former President Donald Trump’s impeachment trial begins in early February. Stocks moved lower after Democratic Majority Leader Chuck Schumer cautioned a stimulus bill may not pass for four to six weeks.
4 Min Read
NEW YORK (Reuters) - Major U.S. averages on Monday closed off their best levels of the day, although the S&P and Nasdaq still finished at record levels, as concerns over the timing and scope of fiscal stimulus dented optimism at the start of a week of earning reports from mega-cap companies.
Investors turned their focus to the U.S. Senate, which is aiming to pass COVID-19 relief legislation before former President Donald Trump’s impeachment trial begins in early February. Stocks moved lower after Democratic Majority Leader Chuck Schumer cautioned a stimulus bill may not pass for four to six weeks.
NEW YORK/BENGALURU (Jan 25): The Nasdaq index hit a record high on Monday, as investors remained optimistic at the start of a busy week of earnings from mega-cap technology companies, while economy-sensitive cyclical stocks gave back recent gains.
The so-called stay-at-home winners including Microsoft Corp, Facebook Inc and Apple Inc rose between 1.7% and 4.3%, following upbeat results from Netflix Inc last week.
Microsoft, scheduled to report results on Tuesday, rose 0.7% as Wedbush raised its price target on the software maker s stock on expectations of further growth in its cloud business for 2021. All eyes are on tech as it now has a chance to regain some of the strength that it lost in recent months, said Thomas Hayes, chairman of Great Hill Capital in New York.
Nasdaq hits record high on big hopes for big-tech earnings
By Devik Jain and Shreyashi Sanyal
Reuters
(Reuters) - The Nasdaq index hit a record high on Monday as investors remained optimistic at the start of a busy week of earnings from mega-cap technology companies, while economy-sensitive cyclical stocks gave back recent gains.
The so-called stay-at-home winners including Microsoft Corp, Facebook Inc and Apple Inc rose between 1.7% and 4.3%, following upbeat results from Netflix Inc last week.
Microsoft, scheduled to report results on Tuesday, rose 0.7% as Wedbush raised its price target on the software maker s stock on expectations of further growth in its cloud business for 2021.