Gamestop Stock – Stocks grind higher as Dow, S&P flirt with records
U.S. equity markets ticked higher Wednesday as the major averages contended with record highs.
|I:DJI||DOW JONES AVERAGES||34547.27||-52.55||-0.15%|
|I:COMP||NASDAQ COMPOSITE INDEX||13957.462401||+32.55||+0.23%|
The Dow must close above 34,777.76 to finish at an all-time high, while the S&P 500 must top 4,232.60. The Nasdaq‘s record close is 14,138.78.
|CLOV||CLOVER HEALTH INVESTMENTS CORP||19.25||-2.90||-13.11%|
In stocks, Clover Health Investments Corp. was on track for a third day of big gains as shares continued to benefit from the backing of traders on the Reddit forum WallStreetBets.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||49.41||-5.63||-10.23%|
Meanwhile, AMC Entertainment Holdings Inc., another favorite of the WallStreetBets crowd, was set for sizable losses as shares lingered near all-time highs.
Fellow meme stock GameStop Corp. will release its quarterly results after the closing bell. Shares of the video-game retailer have soared 1,492% this year.
Elsewhere, Ferrari N.V. named Benedetto Vigna, who currently runs the biggest division of chipmaker STMicroelectronics, as CEO. He replaces former chief executive Louis Camilleri, who retired in December due to personal reasons.
|CMG||CHIPOTLE MEXICAN GRILL INC.||1,334.92||-0.69||-0.05%|
Chipotle Mexican Grill Inc. increased prices by about 4% to help offset rising labor costs. The fast-casual restaurant chain plans to hire 20,000 additional employees and raise the average hourly wage to $15 by the end of the month.
|CPB||CAMPBELL SOUP CO.||46.09||-3.00||-6.11%|
In earnings, Campbell Soup Co. said its quarterly profit fell 5% as rising material and supply chain costs hurt its bottom line. The company expects margins to remain under pressure as the economy transitions away from the business conditions caused by COVID-19.
In commodities, West Texas Intermediate crude oil climbed 42 cents to $70.47 a barrel, its highest since October 2018, while gold ticked up $2.10 to $1,896.50 an ounce.
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Overseas markets were mostly lower.
In Asia, Japan’s Nikkei 225 lost 0.35% and Hong Kong’s Hang Seng slid 0.13% while China’s Shanghai Composite edged up 0.32%.