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The case is being updated.
The major Wall Street indices were expected to open before Friday’s open. The indices fell immediately from the beginning and have fallen further after a few minutes of trading:
- Aggregate S&P 500 Index falls 1.15 percent
- Industrial-heavy Dow Jones falls 1.28 percent
- The Nasdaq Technology Index is down 1.04 percent
Rates fell before the trade and fell further on news that Johnson & Johnson’s coronary vaccine is proving less effective in some countries. A large clinical study by the drug company shows that the vaccine is 66 percent effective against moderate to severe diseases. The South African study, on the other hand, showed that the vaccine was only 57 percent effective. The effectiveness in preventing serious illness was 85 percent.
Gamestop, a sleepy chain of stores that sells computer games in brick-and-mortar stores, is suddenly up in the air because the share price in a year has jumped from less than $ 4 to nearly $ 500. Most of the increase has occurred in the past two weeks.
On Friday, the stock doubled ahead of trading on news that stock app Robinhood said they will once again allow limited trading of the stock after going public on Thursday. Robinhood has raised more than $ 1 billion in existing investor funds in addition to bank credit, to ensure the online broker has enough capital to allow for trading Gamestop and other volatile stocks, writes CNBC.
Right after opening, Gamestop fluctuates sharply, ranging from a 60 to 111 percent increase.
Investors are concerned that further extreme price fluctuations at Gamestop could spread to the rest of the financial markets and create unrest. There are also concerns that the craze surrounding Gamestop is a sign of a larger market bubble. The US Securities and Exchange Commission’s SEC follows developments at Gamestop and has promised to protect small investors, writes CNBC. The Sec will examine investigations by brokers and trading platforms, such as Robinhood, which may be detrimental to investors or hinder their ability to trade certain stocks.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
