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Federated Hermes CIO Stephen Auth says the Big GameStop squeeze is not the “first time we’ve seen a get-rich-plan” and that there still is a “buying opportunity” in the larger market.
US stock markets were down on Friday as a mad week of Wall Street trading draws to a close.
The Dow Jones Industrial Average was 402 points lower, or 1.31%, while the S&P 500 and Nasdaq Composite were 1.28% and 1.04% weaker, respectively.
The sell-off comes after Thursday’s top averages recouped some of their losses following the biggest single-day drop since October. Stock markets have traded nervously in recent weeks amid growing concern about a stock market bubble.
THE CITADEL TAKES THE BINDING OF ROBINHOOD
As for stocks, the actions of GameStop Corp. more than doubled early on Friday after the Robinhood trading app relaxed some trading restrictions a day after preventing clients from entering buy orders. Other stocks also subject to these measures, including AMC Entertainment Holdings, BlackBerry Ltd. and Bed Bath & Beyond Inc., also saw big upward movements.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 338.00 | +140.56 | + 71.19% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 14.80 | +6.12 | + 70.52% |
| BB | BLACKBERRY LIMITED | 15.76 | +1.10 | + 7.50% |
| BBBY | BED BATH & BEYOND INC. | 36.84 | +3.20 | + 9.51% |
Elsewhere, Johnson & Johnson said a large trial found its COVID-19 vaccine to be 72% effective in the United States and 66% overall.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| JNJ | JOHNSON & JOHNSON | 162.56 | -6.35 | -3.76% |
As for the results, a trio of Dow members released their quarterly results on Friday morning.
Chevron Corp. reported its first annual loss in four years, as the COVID-19 pandemic reduced travel, causing demand for oil and gas to drop sharply.
Caterpillar Inc. announced that its quarterly profits fell 29% from a year ago, but exceeded estimates as demand for its equipment was affected by the continuing economic downturn caused by the pandemic.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 85.44 | -3.57 | -4.01% |
| CAT | CATERPILLAR INC. | 183.09 | -1.22 | -0.66% |
| IT | HONEYWELL INTERNATIONAL INC. | 196.29 | -6.46 | -3.19% |
| THERE IS | ELI LILLY & COMPANY | 205.23 | -4.81 | -2.29% |
Honeywell International Inc. reported quarterly earnings and sales that exceeded expectations with all business segments being stronger than expected. The tech and manufacturing company has released a forecast online for fiscal 2021.
Meanwhile, Eli Lily & Co. said quarterly profits rose 42% year over year, supported by demand for its cancer and diabetes drugs. The company said sales of its COVID-19 therapy also helped meet the challenge.
In commodities, West Texas Intermediate crude oil climbed 13 cents to $ 52.47 per barrel and gold jumped $ 18.90 to $ 1,856.80 per ounce.
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European markets were trading lower, with the German DAX 30 down 1.1%, the French CAC 40 down 1.31% and the UK FTSE 100 down 1.46%.
In Asia, China’s Shanghai Composite Index fell 0.63%, Hong Kong’s Hang Seng Index fell 0.94%, and Japan’s Nikkei 225 fell 1.89%.
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