Stocks Waver Waiting for CPI | What You Missed 5/13 ๐
Wall Street kicked off the week on a cautious note, with traders positioning for key inflation data that will help shape the outlook for the market. “An interesting start to the week here, what could be a relatively busy week for markets,” said analysts. Not so busy today, pretty much flat on the day for most of the major indices, including the S&P 500. A lot of folks in this market are really waiting for those big inflation reports by tomorrow’s CPI here in the U.S. on Wednesday. The two-year yield right now camped out just under four nine as everyone waits to see what happens next.
If you were looking for activity in the equity space, you would have found it in two places:
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Biotechs: have been on a tear for the last month or so, with an index that was up about 1.3% for the day.
- Stocks with high short interest: Also experienced a big rally, with the main ETF that tracks them up by 5% on the day.
Big Movers and Shakers ๐
There were some notable movements in the market, with some familiar names making big leaps:
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GameStop: surged as much as 130%, marking its most significant gain since early 2021.
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AMC Entertainment: climbed as much as 300%, showing a remarkable increase.
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Hertz Global: also saw a substantial increase in its share price, following the trend set by GameStop and AMC.
- Trea Holdings (FTSE): In contrast, experienced a 15% decline, its biggest drop ever. Last week, the company had announced a delay in its first-quarter earnings report due to accounting issues, and today reported a revenue miss and a cut in its full-year outlook.
US-China Tech War Worries โ๏ธ
The top story currently making headlines is the potential escalation of the US-China tech war. U.S. Treasury Secretary Janet Yellen has expressed concerns about the possibility of Beijing retaliating if the White House imposes new tariffs on Chinese-made EVs, batteries, and solar cells to protect its emerging industries. The U.S. and Europe are already investing billions to produce the next generation of semiconductors domestically, indicating a growing rift in the tech industry between the two global powers.
Hot Take: Stay Alert for Inflation Data Release ๐
As the market awaits the release of crucial inflation data, it’s essential to stay informed and keep a close eye on how these numbers could impact the market moving forward. With key players experiencing significant gains and losses, alongside geopolitical tensions escalating, it’s crucial to stay alert and prepared for potential market volatility in the coming days.
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