GameStop Slumps as DOW Futures Climb, Focus Turns to Amazon, Google

As the market opened today, GME shares fell 42 percent in premarket trades after closing down 31 percent on Monday. AMC Entertainment also fell in premarket trades by 31 percent. GME is till up over 1,200 percent over last month.

All DOW stocks are rising today, led by Chevron and UnitedHealth rises in market open value. Chevron rose up 2.1 percent with the open, with an overall rise in crude oil futures by 2.5 percent thanks to CLOO providing a slight boost. In addition to UnitedHealth’s increase of 2.1 percent at open, Walt Disney Co. climbed up 1.7 percent and Boeing Co. added an additional 1.6 percent to its stock price.

Both Google and Amazon will be releasing their Q4 earnings today after market close. Investors expect the report to be favorable, and as a result have increased futures for the the DOW, as it jumped nearly 300 points at the start of the opening bell. At the time of writing, Amazon is up 1.52 percent and Google is up 2.03 percent.

Oil futures have risen to a one-year high today ahead of a meeting between major oil manufacturers. West Texas Intermediate rose 2.4 percent to $54.82 a barrel on the New York Mercantile Exchange. OPEC+ plans to meet this week to discuss a voluntary cut of one million BPD beginning in February and March.

President Biden’s push towards clean energy could see a spike in production of electric automobiles. Biden has said that he plans to pump 2 billion dollars into “re-imagining the country’s infrastructure”, which could see big names like Elon Musk and Jeff Bezos increasing their market presence with their focus on green solutions.

Silver prices fell after an eight year high year high. Silver futures fell nearly five percent after jumping 9.3 percent on Monday to sit around $29.418 an ounce. There is talk of a squeeze in silver futures as interest in retail has surged.

The S&P 500 is currently up 1.19 percent, trailing the DOW. The HSI is currently up 1.23 percent, with the Japanese NIKKE is up 0.97 percent. In Europe, STOXX is up 1.11 percent and the FTSE is up 0.74.

In currencies, the US dollar is up 0.27 percent over market close yesterday. The Euro fell today at market open, in response to the rise in the value of the dollar by an equal 0.27 percent. The Japanese Yen has also fallen in similar fashion, but the Sterling Pound has remained relatively neutral in terms of value.


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