GameStop One-Week Share Price
Shares of GameStop surged as much as 76 percent in early trading on Thursday, in a second day of volatile trading for the video game retailer that was at the center of a retail trading frenzy last month.
On Wednesday, GameStop’s shares doubled to $91.71 and the volume of trading was more than 10 times the level of the previous day. After spiking early in the day Thursday, the shares were up about 30 percent.
GameStop and a handful of other stocks grabbed Wall Street’s attention in January as they surged, making millionaires (on paper at least) out of small investors who had bet on the gains and leading to big losses at some notable hedge funds that had bet against the stocks. The frenzy of trading prompted several trading platforms, most notably the trading app Robinhood, to limit their customers ability to buy the shares, which in turn led to an outcry among small investors.
But that January rally of GameStop shares ended just as quickly as it had begun, and many investors were left with substantial losses after they had been caught up in the buying hype.
Some of the popular posts on Reddit’s Wallstreetbets forum, where users have been hyping up certain stocks in memes, read “ROUND 2!” and “THE COMEBACK!!!!!” Other meme stocks also rose: AMC shares gained as much as 18 percent and BlackBerry, Nokia and Koss were also higher.
Earlier this week, GameStop announced its chief financial officer would leave the company next month. The company is under pressure from a large shareholder to shift from a brick-and-mortar business to a digital and e-commerce firm.
Other market news
The S&P 500 was 0.4 percent lower in early trading, a dip led by technology stocks.
Bond yields continued to jump. The yield on 10-year U.S. Treasury notes rose 5 basis points, or 0.05 percentage point, to 1.43 percent. This month, the yield has climbed 37 basis points.
Analysts at Bank of America raised their forecast for bond yields, expecting the 10-year yield to be at 1.75 percent at the end of the year because of stronger economic growth. Last month, they forecast 1.5 percent for year-end.
Treasury Secretary Janet L. Yellen called on members of the Group of 20 nations to coordinate on a global vaccination campaign, arguing in a letter on Thursday that containing the coronavirus pandemic is the best way to aid the world economy.
Ms. Yellen emphasized the importance of working through multilateral institutions and underscored the responsibility of rich countries to help poor nations weather the public health crisis.
“A rapid and truly global vaccination program is the strongest stimulus we can provide to the global economy,” she wrote.
The outreach was the latest example of the new tone being set by the Biden administration and represented a return to America’s leadership role in the G20, a group of finance leaders from some of the world’s largest industrial and emerging economies, after four years in which the U.S. was often an outlier on international policy matters.
“This is a moment made for action and for multilateralism,” Ms. Yellen said in the letter.
Ms. Yellen also warned G20 countries not to withdraw fiscal support for their economies too soon and to take measure to ensure that workers and consumers are benefiting from international trade.
“If there was ever a time to go big, this is the moment,” Ms. Yellen said, echoing the sentiment she has expressed to lawmakers in the United States as the Biden administration pushes a $1.9 trillion economic relief package.
In a notable shift from her predecessor at the Treasury Department, Steven Mnuchin, Ms. Yellen threw her support behind the idea of providing additional emergency…