Gamestop – 3 Things to Watch By Fintech Zoom
By Dhirendra Tripathi
Fintech Zoom — U.S. stocks were mixed on Tuesday with less than an hour of trading to go after the extended holiday weekend, with tech stocks gaining against a fall in the broader market.
Industrials and real estate sectors fell on worries about a slow down in the economic recovery. The Federal Reserve is set to meet later this month but could postpone a decision on tapering its bond purchases until later in the year given the recent lackluster economic data.
Disappointing jobs data last week raised concerns that the economic recovery was slowing down. Still, stocks have hit record highs in recent weeks after soothing commentary from the Fed.
Monetary stimulus — in the form of low interest rates and bond buying — have been balanced against rising Delta coronavirus infections and their potential to halt the economic recovery.
And in crypto-land, tumbled nearly 11% on Tuesday, and a number of other digital currencies also fell. El Salvador announced it would be the first sovereign country to adopt Bitcoin as legal tender, which means its citizens can use it to buy everything from groceries to homes.
Here are three things that could affect markets tomorrow:
1. King of the memes
GameStop Corp (NYSE:), everyone’s favorite meme stock, will release its second-quarter results after the market closes on Wednesday. The video games retailer is expected to announce a loss per share of 66 cents on revenue of $1.12 billion, according to analysts tracked by Fintech Zoom.
2. Pandemic darling
Lululemon Athletica Inc (NASDAQ:), which benefited from the at-home comfort trend during last year’s Covid lockdowns, is seen posting revenue of $1.33 billion and earnings per share of $1.18 for the second quarter this year. Analysts will be listening for the company’s outlook given the shift back to office life, gradual though it may be at the moment.
3. JOLTs data
Employers are likely to have posted 10 million jobs in July compared to 10.073 million job openings in June. The Labor Department will release its and Labor Turnover Survey at 10:00 AM ET (1400 GMT) on Wednesday.
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