The NFT marketplace will soon be launched by GameStop (NYSE: GME). This has been one of the most significant catalysts of the company’s ongoing digital transformation.
On Thursday, retail investors were key buyers as stocks fell on fears the Federal Reserve would have to ratchet up interest rate hikes to tame inflation at its highest level in four decades.
According to Vanda Research, retail investors purchased stocks and ETFs worth more than $2.6 billion on Thursday. Vanda, whose data dates back to January 2014, said this was its highest net purchase rate. However, the crowd that pushed the GME stocks higher on Jan 21 is now more focused on tech stocks.
Although GameStop’s stock often trades against its company and economic fundamentals, it could suffer in a mild macro scenario. However, the performance of GME is generally in line with broader market trends this year.
The stock of GameStop increased by just over 5% during the May 4 trading season. By comparison, the S&P 500 gained close to 3% on the same day. GameStop stock has fallen nearly 15% since the start of the year, and the S&P 500 has lost about 10%.
The 4-hour chart of GME shows a strong bullish pattern known as a bullish pin bar. However, the price is below the key 20-SMA. The high volume shows buying interest in the stock.
