New York City, USA – Stocks experienced a lackluster trading session on Monday, with major indexes opening and closing the afternoon on a mixed note. The meme stock GameStop (GME) generated excitement throughout the session as its shares surged in heavy trading.
The Dow Jones Industrial Average snapped an eight-day winning streak, ending the day with a 0.2% decline. The S&P 500 closed flat, while the Nasdaq managed to eke out a 0.3% gain. The small-cap Russell 2000 index also saw a modest 0.1% increase.
Trading volume increased on both the Nasdaq and New York Stock Exchange compared to Friday’s session at the same time. Among exchange-traded funds, Invesco QQQ Trust (QQQ) edged 0.2% higher, while the Innovator IBD 50 ETF (FFTY) dipped 0.4%.
In other market news, the benchmark 10-year Treasury yield dropped to 4.49%, and West Texas Intermediate crude oil prices rose above $79.15 per barrel.
Investors are keeping a close watch on key economic data releases this week, including Tuesday’s April Producer Price Index, Wednesday’s April Consumer Price Index, and retail sales data. Analysts are expecting the headline CPI to increase by 3.4% year-over-year, with the core CPI (excluding food and energy) expected to rise by 3.6%.
GameStop’s stock stole the spotlight as it soared by 74.4% despite trimming some gains. The surge was attributed to buzz surrounding investor Keith Gill, also known as Roaring Kitty on X, who made his first tweet in nearly three years. This surge left the stock extended from its buy zone, with a shaky IBD Composite Rating due to recent losses.
AMC Entertainment (AMC) also gained momentum, rallying 78.4% in sympathy with GameStop. Meanwhile, Novavax (NVAX) saw a massive 47.6% surge in heavy volume after news of a collaboration with Sanofi to develop a combined Covid/flu vaccine.
Several other stocks made notable moves, including Alphabet (GOOGL), Walgreens Boots Alliance (WBA), Western Midstream Partners (WES), Apple (AAPL), Arm Holdings (ARM), Squarespace (SQSP), Intel (INTC), Tencent Music Entertainment (TME), and Nvidia (NVDA).
Overall, the stock market experienced a mix of gains and losses as investors navigated through various developments and earnings reports. Traders are closely monitoring market trends and economic indicators to make informed decisions in the current volatile environment.