On today’s recap we talk about the big situation surrounding Robinhood & Gamestop. We also talk about how redditers are looking at silver as their new possible target.
The GameStop phenomena up over 100% on Friday again at over $400.00 a share has investors & much of the internet, spellbound. Shares are up nearly 1,800% already for 2021 & over 9000% year on year. It’s largely because an army of traders in a Reddit group, have been buying the stock to hurt short sellers & the hedge funds that have bet against GameStop
Robinhood removed GameStop -22.34% at $269.00, AMC -53% at $9.35, BlackBerry -38.67% at $15.32 & Nokia -28.73% at $4.72 from its trading platform on Thursday, leaving investors unable to buy these highly volatile stocks, they still can close out positions in the affected stocks. All of these firms suffered major share price losses, as a result.
Foreign exchange trading is the largest financial market globally. According to Bank for International settlements, the forex market daily turnover is $6.6 trillion. London & New York, remain the largest markets despite the pandemic, accounting for +50% of the daily forex turnover.
Of the 84 companies in the U.S. S&P 500 that posted earnings through Tuesday morning, 86.9% have topped analyst expectations. The S&P 500 is now trading at over 22 times 12-month forward earnings, concerns remain over stock bubbles which are heightening fears of a substantial pullback. Investors are now watching for forecasts from corporate America, to justify the ongoing higher valuations
Bitcoin +16% overnight to $36,642 & continued to move higher in the U.S. pre-market to $36,810.50 after Tesla founder Elon Musk mentioned the cryptocurrency on his Twitter profile. Speculation that the world’s richest man may be a Bitcoin investor, was enough to set off a dramatic rally. Prices spiked as much as +15% in a matter of minutes, in the biggest intraday move in almost a year.
Tesla adds new upgrades to its Model S sedan: includes its new super-fast Plaid Mode with an option for an extended 520-mile driving range. Cars with Plaid Mode have batteries & 3 electric motors that can produce up to 1,020 horsepower & can take the car from 0 to 60 mph in just 2 seconds. Faster acceleration than any other production car, including ultra-expensive exotic cars like Lamborghini, Ferrari & Bugatti.
General Motors plans to be carbon neutral by 2040; US economy contracted by -3.5% in 2020; American Airlines Group shares soar; Italian prime minister resigned on Tuesday.