As the market closes on Monday, May 13, TheStreet's Conway Gittens brings you the latest business headlines from the floor of the New York Stock Exchange.
RELATED: GameStop soars as 'Roaring Kitty' returns, short stocks surge
Full video transcript below:
Conway Gittens: I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today:
The Dow Jones Industrial Average halted its longest rally since December, ending an eight-day streak. The S&P 500 ended slightly lower, but the Nasdaq managed to post gains. Investors are becoming cautious ahead of important inflation data released on Wednesday. The latest inflation information could provide clues as to how soon the Federal Reserve could start cutting interest rates.
In other news, the pandemic-driven boom in meme stocks has seen an encore. GameStop's stock price soared in no small part due to the first social media post in three years by individual investor Keith Gill, known online as Roaring Kitty. Gil is credited with starting the meme boom in 2021.
The post on his verified “X” account was an image that suggested someone sit up and pay attention. There were no words, and no stocks were mentioned, but that didn't prevent investors from interpreting what he meant. GameStop stock soared 74% to close at 30.45. Trading in the stock was so volatile that the New York Stock Exchange had to halt trading on several occasions. AMC, another meme stock, soared 78%.
In addition to the huge jump in GameStop's stock price, the virtual currency bearing the GameStop name, logo, and ticker also rose more than 1,400% on the day. However, this coin has nothing to do with the company itself.
But analysts were quick to point out a disconnect between the GameStop stock and the GameStop company. The gaming retailer has lost money nearly every quarter for the past three years.
This concludes the daily briefing. From the New York Stock Exchange, I'm Conway Gittens from TheStreet.
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