Meme stocks rally, crude oil sinks during mixed trading for U.S. stocks – Yahoo Finance

The stock market is the meme market once again.
On Tuesday, the major averages finished mixed, with the Dow up 0.7% following Walmart’s (WMT) better-than-feared earnings report, the S&P 500 up 0.2%, and the Nasdaq falling some 0.2%.
At the index level, the recovery from mid-June lows remains the dominant theme.
Underneath the surface, however, the resurgence of the meme trade served as the day’s biggest story.
When the closing bell rang, shares of Bath & Beyond (BBBY) — which were halted at least twice for volatility during the day — closed up 29%. Bed, Bath & Beyond shares have more than doubled in the last week and are up more than 400% from late July.
GameStop (GME) shares also gained, rising more than 6%. On Tuesday morning, GameStop shares were also halted for volatility.
As Interactive Brokers’ Steve Sosnick told Yahoo Finance Live on Monday, the revitalization of this meme trade comes as investors appear eager to lean on the playbook of late-2020 and early-2021 as this summer rally continues.
“It was a spectacular playbook for that period of time,” Sosnick said. “But the rules of the game seem to be changing.” Though perhaps not on Tuesday.
Elsewhere, the big story early Tuesday was a quarterly earnings report out of Walmart (WMT) that came in better-than-feared, kicking off what is set to be a busy week for the retail sector.
Walmart reported quarterly earnings and revenue that beat expectations, with adjusted earnings per share coming in at $1.77 on revenue of $152.9 billion. The company’s U.S. same-store sales rose 6.5% during the quarter.
Shares of the retail giant gained just under 5% on Tuesday.
These results follow a late-July warning from the company that saw Walmart lower its full-year profit forecast and call out the negative impacting inflation was having on its customers. Walmart shares have now recovered all losses suffered following that warning.
In that release, Walmart said it expected full-year adjusted operating income to fall by 11%-13%. On Tuesday, the company raised these expected losses, saying it now sees full-year profits falling 9%-11%.
Walmart CEO Doug McMillon said Tuesday the company is “working hard to support [customers] as they prioritize their spending” in this inflationary environment. “The actions we’ve taken to improve inventory levels in the U.S., along with a heavier mix of sales of grocery put pressure on profit margin for Q2 and our outlook for the year,” McMillon added.
Elsewhere in markets on Tuesday, Home Depot reported second quarter results that beat expectations across the board.
Home Depot reported same-store sales in the U.S. that rose 5.8% against expectations for a 4.9% increase. The company also reaffirmed its outlook for the third quarter, saying it expects to see comp sales grow 3%. Home Depot shares gained 4% on Tuesday.
On the economic side, data from the housing market out Tuesday morning showed another slowdown in the sector, with housing starts in July falling more than expected. Housing starts fell by 9.2% in July, more than the 2.1% that was forecast by economists.
The number of building permits issued last month fell 1.3% from the prior month.
Energy markets also remained in focus with WTI crude oil closing at its lowest level since January 25, settling at $86.53 per barrel.
Monday did, however, see a 61-day streak of declining national gas prices snapped, with the national average rising by a penny amid higher prices in the Great Lakes region, according to Gas Buddy’s Patrick De Haan.

Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Yahoo Finance's Jared Blikre discusses how Adobe stock is moving after it announced earnings and a deal with online design tools maker Figma.
Shares of Roku (NASDAQ: ROKU) climbed sharply higher on Thursday — even as the broader market slipped — jumping as much as 9.4%. The catalyst that sent the streaming pioneer higher was speculation that the company could be on the verge of being acquired. The rumor mill went into overdrive that Roku is preparing to be acquired, according to Dealreporter (as reported by The Fly).
Another REIT is being taken private in a big all-cash buyout, but the purchase price might end up even higher.
In this piece, we will take a look at the 13 best semiconductor stocks to buy now. If you want to skip the details and jump ahead to the top five stocks in this list, then take a look at the 5 Best Semiconductor Stocks to Buy Now. The high technology sector is a double […]
Warren Buffett is one of the best investors of all time. Since 1965, Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), the masterfully crafted conglomerate he helped build, has returned over 20% annually, creating fortunes for its shareowners along the way. Berkshire's public stock portfolio is thus closely watched by investors seeking to build lasting wealth in the stock market.
Warren Buffett's Berkshire Hathaway bought a bunch of stocks during the second quarter. Notable names included Apple (NASDAQ: AAPL), Activision Blizzard (NASDAQ: ATVI), Occidental Petroleum (NYSE: OXY), and Chevron (NYSE: CVX). Buffett seems to be most bullish on Apple and Occidental Petroleum.
Nvidia (NASDAQ: NVDA) is a powerhouse technology company on the cutting edge of the industry. In this video, I will use my six-step framework to analyze whether Nvidia stock is a buy at today's prices.
The stock market has proven to be a great way for normal folks to build wealth over time. It can be as simple as investing through index funds for some that don't have the time or inclination to stay involved. Below are five stock investments that could offer a diversified way to beat the S&P 500 index over the coming years and decades.
Ark Invest has added to its DraftKings (NASDAQ: DKNG) stake for seven consecutive trading days through Tuesday's close. It's clear that Cathie Wood — the co-founder, CEO, and stock picking mastermind of the Ark Invest family of exchange-traded funds (ETFs) — has taken a shine to the online wagering specialist. Ark Invest now owns 5% of DraftKings' shares outstanding.
Shares of Medical Properties Trust (NYSE: MPW) have been under a lot of pressure this year. The real estate investment trust's (REIT) stock has lost a third of its value due in part to rising interest rates. While the market has concerns about the REIT's ability to continue growing its portfolio and dividend, it recently took a big step to address those worries.
QuantumScape (NYSE: QS) has gotten a lot of attention from investors lately. And for good reason, since the battery start-up's technology could prove revolutionary. But it could also be a flop. Motley Fool contributors Jason Hall and Jeff Santoro discuss the company, its prospects, and a few things investors need to consider before buying shares.
In the run-up to a crucial shareholder vote, special purpose acquisition company (SPAC) CF Acquisition Corp. VI (NASDAQ: CFVI) traded up sharply on Wednesday. After market hours on Tuesday, Rumble, the company that plans to go public by merging with CF Acquisition, pushed out a reminder to its current shareholders. Of the five other nominees, three are currently directors at pre-merger Rumble.
In a world where the stock market is unpredictable and interest rates are rising, many investors are looking for someplace to put their money that is as close to risk-free as possible – even if it means forgoing the chance … Continue reading → The post How to Buy More than $10,000 in I Bonds Through This Loophole appeared first on SmartAsset Blog.
In this article, we discuss the 10 stocks David Tepper is buying for the rest of 2022. To skip the details of David Tepper’s achievements, investment philosophy, and information about Appaloosa Management, go directly to David Tepper Initiated Buying These 5 Stocks for the Rest of 2022. David Tepper is an American billionaire and a […]
Realty Income Corp. (O) closed the most recent trading day at $65.41, moving -0.76% from the previous trading session.
Nvidia (NASDAQ: NVDA) was one of the most coveted stocks on the market for quite some time thanks to its rapid growth. Much of that growth in Nvidia stock is due to booming demand for the graphics cards that power a variety of applications ranging from gaming computers to data centers and vehicles. The loss of momentum in the key gaming GPU (graphics processing unit) business, as well as restrictions by the U.S. government on sales of data center chips to China, are going to weigh on Nvidia's performance in the short run.
The Fed has no choice but to raise rates higher than the market expects, predicts billionaire investor Ray Dalio. Watch out stock investors.
In a stock market like we've been going through this year, everyone is having a tough time, whether you've got just a few dollars in the game or billions, like Wall Street professionals. Arguably, the billionaires running hedge funds are having an even more difficult time than the small retail investor. While their first-half performance beat the S&P 500, according to BarclayHedge, an institutional-investor services division of Backstop Solutions, hedge funds are now suffering sustained redemptions by investors.
Stocks of online advertisers have been crushed. But the group may roar back, benefiting committed investors.
Crazy as it might sound, you can thank the U.S. U.S. Bureau of Labor Statistics (BLS) for that. As you'll recall, back on Tuesday the BLS announced that inflation had inched up 0.1% sequentially in August, rising to 8.3%. According to BLS figures, airline fares declined 8.8% between July and August, making it cheaper, and more attractive, to take a cruise vacation.

source

Leave a Comment