While GameStop prepares the revenue, here is an area where WallStreetBets can declare victory
GameStop GME, + 0.47%,
The video game retailer, who is the figurehead for so-called meme stocks, reports post-trading results, an opportunity for the outside world to turn the message board hype into reality.
Hype or not, Reddit WallStreetBets’ message board is undeniably winning. Fast food chain Wendy’s WEN, -12.68% rose 26% on Tuesday as users of the WallStreetBets messageboard campaigned for the stock and the company’s social media team quickly made sneaky jokes about the new status.
Another Popular Online Ecommerce Platform ContextLogic WISH, -8.86%,
jumped to almost 50% on Tuesday.
Here are both the good and bad news for the retail investing community. Barclays analysts point out that the number of stocks with high short interest as a percentage of their float has fallen dramatically.
This, in turn, explains why the broader stock market really doesn’t move much, even when the fortunes of meme stocks take wild races. “The current short squeeze is probably more localized because the number of stocks with high short interest has fallen dramatically,” said strategists around Maneesh Deshpande.
Maybe that’s a Pyrrhic victory because it means Redditors have fewer opportunities to take advantage of them.
The US dollar DXY, + 0.08%, tended to weaken when global economic data got surprisingly strong. But these surprises seem to be peaking. Mark McCormick, global head of foreign exchange strategy at TD Securities, says the best-case scenario for the US dollar combines higher real rates, softer global data and a decrease in risk.
The economy is calm ahead of the US consumer price data release on Thursday. In China, producer prices rose 9% yoy in May, while consumer prices rose 1.3%.
Ho-hum. The most notable move was the 10-year Treasury TMUBMUSD10Y return, 1,488%,
which has fallen to 1.50%.
US stock futures ES00, -0.11% were stable, as were most other asset classes. Bitcoin BTCUSD rose + 7.75% when El Salvador officially introduced the cryptocurrency as a legal currency.
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A herd of wild elephants cast a spell over China.
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