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Recap May 30: Reddit Gamestop 2.0, Crypto Crash, Gold Spikes (Recap Ep125)

In this week’s recap, US and global markets generally closed higher as investors became increasingly convinced that the US Federal Reserve and other central banks will maintain their financial support, despite an outbreak of higher inflation in the short term. The U.S. Russell 2000 is a small-capitalization stock index & is closing in on the longest monthly win streak since 1995. It is now at 2,273.07. It has been up for the last consecutive 8 months & is nearing its all-time high of 2,360.17. The index is up +15.10% in 2021 & +62.28% y/y.

The U.S. dollar is near its lowest levels this year, after U.S. Federal Reserve officials reaffirmed a dovish monetary policy stance, providing yet more assurance to investors worried about the inflation outlook. Massive & unsustainable spending by the federal government has been causing great concern among many analysts & economists.

U.S.-based AMC Entertainment world’s biggest movie theater chain, saw its shares surge +19.96% on Tues with +200M shares traded. Shares climbed higher Wed & increased another +35.58% on Thurs. Friday pre-market already higher by over +18% at over $31.00 a share. Largely due to investor enthusiasm thru social media. Shares +1,150.94% in 2021 & +423.08% y/y, w/ market cap of $8.81B.

US GDP estimate for Q1 falls short of expectations; Nvidia’s revenue increases sharply with strong demand for chips; fear of inflation and increase in coronavirus cases raised the value of gold; extreme volatility continues in Bitcoin and other cryptocurrencies; false bomb threat on a plane generates panic in Belarus; Amazon is buying MGM Studios for $8.45B; Xiaomi Corp reported Q1 revenue growth of 55%; level of Covid-19 cases in the US is the lowest in almost a year.

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