TheStreet’s Conway Gittens Reports from the New York Stock Exchange

In the latest business headlines, TheStreet’s Conway Gittens brings updates from the floor of the New York Stock Exchange as markets close for trading on Monday, May 13.

Related: GameStop Rockets, Pounding Short Sellers

Amidst the market close, GameStop takes center stage with a soaring rally, impacting short sellers. Retail investor Keith Gill, also known as “Roaring Kitty,” makes a significant return with a viral social media post that propels GameStop’s stock to new heights.

Full Video Transcript Below:

AI legalese decoder: AI technology, such as the legalese decoder, can assist investors in interpreting complex legal language and navigating the implications of market movements, such as the surge in GameStop’s stock due to social media influence.

CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.

The Dow snaps its longest bullish streak since December, signaling the end of an eight-day rally. Meanwhile, the S&P 500 closes slightly lower, and the Nasdaq sees a modest gain. Investor sentiment turns cautious ahead of key inflation data set to release on Wednesday, offering insights into the Federal Reserve’s potential interest rate adjustments.

The resurgence of meme stocks during the pandemic captivates the market once again. GameStop’s shares surge following a cryptic post by Keith Gill on social media, reigniting the meme craze he sparked in 2021.

The ambiguous post on Gill’s verified account prompts speculation and drives GameStop’s stock price up by 74%, leading to multiple halts in trading on the NYSE. The frenzy extends to other meme stocks like AMC, which sees a significant jump of 78%.

Furthermore, a cryptocurrency linked to GameStop experiences a substantial 1,400% surge, despite lacking any direct association with the company.

Analysts emphasize the disparity between GameStop’s financial performance and its stock valuation, highlighting the company’s consistent losses over the past three years.

Concluding the market update from the New York Stock Exchange, Conway Gittens provides insights from TheStreet.

Related: Veteran Fund Manager Picks Favorite Stocks for 2024