Friday, June 2, 2023
HomeUncategorizedWake Wall Street (SPY) (QQQ): BBBY carnage hits meme stocks as indices...

Wake Wall Street (SPY) (QQQ): BBBY carnage hits meme stocks as indices stall

Here’s what you need to know on Friday, August 19:

Bed Bath & Beyond (BBBY) caused a stir on Thursday after news that retail favorite Ryan Cohen’s RC Ventures sold its stake in BBBY. Ryan Cohen chairs GameStop (GME), the genesis of the species, when it comes to meme stocks. BBBY is down 40% after hours (the author is a short and long put). Outside of the meme space, momentum is starting to wane as this rally gets longer. Futures traded lower on Friday, with some decent sell options expected to flow through expiration. Risk aversion is building as some profit-taking and riskier sides hit the Nasdaq. Bitcoin’s 7% drop also hit risk appetite, and we’ve noticed a high correlation between Bitcoin and Nasdaq recently. Bitcoin is currently down 7% at $21,400.

Oil was at $89, down slightly from Thursday as overnight yields rose. Gold also fell to $1,751 and the dollar index rose to 108 on rising yields and some risk aversion.

See Forex Today

European Markets Mixed: Europe Stoxx -0.5%, FTSE flat and Dax -0.5%

US futures also lower: S&P -0.9 %, Nasdaq -1% and Dow -0.7%.

Wall Street Headlines (QQQ) (SPY)

Yields rise globally, Germany up 13 bps, U.S. 10-year yields up nearly 10 bps

Bed Bath and Beyond (BBBY) : Ryan Cohen The investment firm sold its stake, and the stock price collapsed.

Deere (DE) lowered guidance, down 5%.

Foot Locker (FL) Earnings over and new CEO.

WEBR (WEBR) Interested in retail memes.

Applied Materials (AMAT) outperforms earnings.

Home Depot (HD) outlines share repurchase program. (BILL) Strong earnings.

General Motors (GM) resumed dividend.

Meta Platform (META) Morgan Stanley lowered its forecast.

Wayfair (W) announces layoffs.

GameStop (GME) down 10%.

Madison Square Garden (MSGE) Revenue growth.

Upgrade and Downgrade


Economic data

INFORMATION ABOUT THE INFORMATION These pages contain forward-looking statements that involve risks and uncertainties. The markets and instruments described on this page are for informational purposes only and should not be taken as a recommendation to buy or sell these assets in any way. You should conduct your own thorough research before making any investment decision. FXStreet does not warrant in any way that this information is free of errors, errors or material misstatements. It also does not guarantee that the information is timely. Investing in public markets involves a number of risks, including loss of all or part of your investment, and emotional distress. All risks, losses and costs associated with investing, including the entire loss of principal, are borne by you. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of FXStreet or its advertisers. The author is not responsible for the information at the end of links published on this page.

Unless otherwise expressly mentioned in the text of the article, at the time of writing this article, the author has no position in any stocks mentioned in this article, and no business relationship with any company mentioned. Other than from FXStreet, the author did not receive any compensation for writing this article.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness or suitability of this information. FXStreet and the author shall not be liable for any errors, omissions or any loss, injury or damage arising out of this information and its display or use. Errors and omissions excluded.

The author and FXStreet are not registered investment advisors and nothing in this article constitutes investment advice.



Please enter your comment!
Please enter your name here


Featured NEWS