Stock market today: Nasdaq rises, Dow slumps in bumpy trading day as GameStop rallies
Can you detail the surge in GameStop shares and its impact on AMC shares?
GameStop shares surged as much as 112% and AMC shares soared up to 129% shortly after market open, building on both stocks' roughly 75% gains during Monday trading4. The surge was triggered by a Reddit post from Keith Gill, also known as "Roaring Kitty," revealing a $116 million bet on GameStop5. The post sparked a wave of interest in both GameStop and AMC shares, with retail investors driving up the prices. This social media-driven rally added billions in market value to both companies, despite no significant news or fundamental changes in their businesses.
What were the revised forecasts for home price growth by Goldman Sachs and what factors are expected to keep housing demand firm?
Goldman Sachs has revised its forecasts for home price growth, now expecting prices to rise by 3.9% in 2024, down from the previous expectation of 5.5% appreciation. Despite the slowdown in price appreciation, the firm expects housing demand to remain firm due to supportive demographic trends and a healthy labor market. However, high borrowing costs, with the average 30-year fixed mortgage rate staying above 7% since mid-April, continue to pose challenges for buyers.
What were the closing figures for the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average on this volatile trading day?
On this volatile trading day, the Nasdaq Composite closed up about 0.6%, the S&P 500 rose about 0.1%, and the Dow Jones Industrial Average shed more than 100 points, or around 0.3%.