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White House press secretary Jen Psaki answers reporters’ questions about Janet Yellen and the GameStop stock spike.
U.S. equity markets rebounded Thursday morning as investors digested the fourth-quarter gross domestic product online reading and another batch of tech heavyweights’ earnings.
The Dow Jones Industrial Average was more than 400 points higher, or 1.6%, while the S&P 500 and the Nasdaq Composite were 1.5% and 1% higher, respectively. The gains come after the S&P 500 plunged into negative territory for the year on Wednesday.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 30767.33 | +464.16 | + 1.53% |
| SP500 | S&P 500 | 3804.73 | +53.96 | + 1.44% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13410.093287 | +139.50 | + 1.05% |
They also faced online brokers cracking down on trading high-profile names like GameStop Corp. who experienced extreme volatility amid short pressure.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 388.52 | +43.53 | + 12.62% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 9h00 | -10.88 | -54.73% |
| ENOUGH | NOKIA CORP. | 4.74 | -1.89 | -28.55% |
| BB | BLACKBERRY LIMITED | 16.57 | -8.35 | -33.51% |
The video game retailer was significantly lower Thursday morning after Robinhood and other online brokers banned users from buying shares due to recent volatility. The stock climbed 1642% from Jan.12 through Wednesday as short sellers scrambled to close their losing bets.
Shares of other companies that saw their shares soar higher, including BlackBerry Ltd., Bed Bath & Beyond Inc. and AMC Entertainment, were also under pressure.
In economic data, GDP grew at an annualized rate of 4% in the three months through December, according to a preliminary reading from the Commerce Department. The reading was in line with the expectations of analysts surveyed by Refinitiv.
Elsewhere, initial jobless claims fell to 847,000 from 914,000 revised upward the week before. Wall Street analysts polled by Refinitiv were forecasting a drop to 875,000. Continuing claims fell to 4.771 million, below the 5.054 million expected.
BIDEN’S ENERGY MOVES STRENGTHENS RUSSIA, US RIVERS, UNDERMINES NATIONAL SECURITY
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| AAPL | APPLE INC. | 140.06 | -2.00 | -1.41% |
| TSLA | TESLA INC. | 836.19 | -27.97 | -3.24% |
| FB | FACEBOOK INC. | 271.35 | -0.80 | -0.29% |
On the stock side, component Dow Apple Inc. reported strong demand for the iPhone 12 that drove the company’s first quarter revenue of $ 100 billion. Sales in all product categories increased by double digits as profits jumped 35% from a year ago.
Tesla Inc., meanwhile, posted its sixth straight quarter of profitability, but profits were well below Wall Street estimates. The electric car maker expects deliveries to increase by at least 50% per year in the future.
Facebook Inc. reported record quarterly profits and sales in the last quarter of the year, boosted by the work-at-home environment caused by the COVID-19 pandemic and online shopping during the holidays. However, the social media giant also warned that its company faces some uncertainty in the form of regulatory investigations and changes to Apple’s operating system that could impact its advertising business.
| Teleprinter | security | Latest | Change | % Change |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 19.44 | +2.88 | + 17.42% |
Meanwhile, American Airlines Group shares took off on Thursday after the airline reported a smaller-than-expected quarterly loss. The stock went public as the next possible short squeeze candidate, following GameStop Corp.
In commodities, West Texas Intermediate crude oil climbed 58 cents to $ 53.43 per barrel and gold rebounded $ 12.70 to $ 1,842.20 per ounce.
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European markets were trading lower with the French CAC 40 down 0.06%, the German DAX 30 weaker by 0.83% and the UK FTSE 100 down 1.12%.
In Asia, Japan’s Nikkei 225 fell 1.53%, China’s Shanghai Composite fell 1.91%, and Hong Kong’s Hang Seng 225 fell 2.25%.
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