Dow Jones Today: Stocks Rise On Inflation Data; S&P 500, Nasdaq Composite Hit Record Highs

Dow Jones Today: Stocks Rise On Inflation Data; S&P 500, Nasdaq Composite Hit Record Highs

S&P On Pace For New Record Closing High

48 minutes ago

The S&P 500 blew past its all-time intraday high Wednesday morning following the economic data releases and is on track to surpass it’s record closing mark, which was set in late March.

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Meme Stocks Slide Amid Cryptic ‘Roaring Kitty’ Posts

2 hr 11 min ago

Shares of meme stocks GameStop (GME) and AMC Entertainment (AMC) tumbled in early trading on Wednesday as the meme stock revival that sent their share prices soaring fizzled after two days. 

Shares of GameStop were down 31% about 50 minutes into Wednesday’s session, giving up much of the 180% they gained on Monday and Tuesday. AMC was down 23% after rising 135% in the first two days of the week. 

The slide coincided with a series of social media posts from Keith Gill, whose post to X as “Roaring Kitty” sparked Monday’s meme stock rally, including one containing the image of the grim reaper knocking on a door bearing the GameStop logo.

In the first half hour of the session alone, trading of GameStop stock was halted four times and 28 million shares changed hands, more than twice the stock’s 65-day average. 

Other meme stocks followed GameStop and AMC lower. Sunpower (SPWR), which surged about 60% yesterday, traded nearly 30% lower. Koss Corp (KOSS), which makes headphones, slid 25% and Tupperware (TUP) slumped 15%.

Stocks Making the Biggest Moves Premarket

2 hr 59 min ago

Gains:

  • monday.com (MNDY): Shares of the enterprise software company surged 20% after its first-quarter earnings blew past analysts’ expectations amid strong demand. 
  • Nextracker (NXT): Shares of the solar power equipment and software company jumped 13% after it reported better-than-expected earnings after a 42% surge in revenue. 
  • Dell Technologies (DELL): Shares of the computer hardware company rose more than 3% after analysts at Morgan Stanley raised their price target on the stock and called it “the best way to play” AI server demand and the improving personal computing market. 

Losses:

  • GameStop (GME): Shares of the video game retailer and legacy meme stock slid 13% as traders pulled out of the stock after it surged about 180% in the last two days. 
  • Petrobras (PBR): Shares of the Brazilian state-owned oil company fell 7% amid reports President Luiz Inacio Lula da Silva had fired CEO Jean Paul Prates after a dispute over dividend payments. 
  • Kenvue (KVUE): Shares of the Johnson & Johnson spin-off fell 2% after announcing JNJ would offload its nearly 10% stake in a $3.6 billion secondary offering. 

Stock Futures Little Changed Ahead of CPI

4 hr 6 min ago

Futures contracts connected to the Dow Jones Industrial Average were down less than 0.1%.

S&P 500 futures were also off less than 0.1%.

Nasdaq 100 futures were only slightly lower than the other indexes.

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