The S&P 500 was down 0.3 per cent in afternoon trading, coming off its sixth winning month in the last seven. The Dow Jones was down 0.6 per cent, and the Nasdaq composite was up 0.1 per cent. The Australian sharemarket is set to open lower, with futures at 5.02am AEST pointing to a slide of 18 points, or 0.2 per cent, at the open.
GameStop soared 34.9 per cent in a move reminiscent of its early 2021 rocket ride that shook Wall Street and brought the term “meme stock” into the parlance of our times. GameStop jumped after a Reddit account associated with a central character in the 2021 episode said it had built a stake of 5 million shares, along with options to buy more. The post said the position was worth $US181.4 million .
In a more traditional move for the market, Stericycle jumped 14.8 per cent after Waste Management said it would buy the medical-waste company for $US5.8 billion in cash and assume $US1.4 billion of its net debt. Waste Management fell 4.8 per cent. Berkshire Hathaway, the company run by famed investor Warren Buffett, saw its A-class shares plunge 99.97 per cent to $US185.10 from Friday’s closing price of $US627,400, before its trading was halted. After the shares later resumed trading, they immediately recovered all those losses and shot toward $US700,000.
The Fed has been keeping the federal funds rate at the highest level in two decades, which intentionally slows the economy and hurts investment prices, in hopes of getting high inflation fully under control.This upcoming week has several high-profile economic reports that could send yields on sharper swings.
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