Stocks rallied in the first hour of trading Wednesday with the major indexes posting gains after inflation data came in as expected. Meanwhile, the party appeared to be over for meme stocks GameStop (GME) and AMC Entertainment (AMC), which gave back a large chunk of recent gains on the stock market today.
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The Dow Jones Industrial Average bumped up 0.5% in Wednesday action. The S&P 500 jumped 0.7%, while the Nasdaq added 0.8%. The Nasdaq set a record close on Tuesday, as pointed out in Tuesday’s Big Picture column. It topped its all-time intraday high of 16,538, reached on March 21, in the stock market today.
The small-cap Russell 2000 tacked on 0.6%.
Volume rose on the Nasdaq and fell on the New York Stock Exchange vs. the same time in Tuesday’s session.
Among exchange traded funds, Invesco QQQ Trust (QQQ) popped 0.9%. The Innovator IBD 50 ETF (FFTY) added 1.4% on the stock market today.
Meanwhile, the benchmark 10-year Treasury yield eased to 4.38%. And West Texas intermediate crude oil dipped to $76.93 a barrel.
Stock Market Today: Inflation, Retail Sales Tame
The Labor Department said April’s consumer price index rose 0.3% month over month as projected, while the annual increase of 3.4% also met Econoday forecasts. The monthly and annual readings improved from March’s 0.4% monthly rise and its 3.5% annual increase.
The monthly core CPI reading, which strips out food and energy, increased 0.3% while the year-over-year number rose 3.6%, both meeting expectations.
Meanwhile, April retail sales were flat vs. the 0.4% rise projected. Excluding vehicles and gas, that number fell 0.1% vs. the 0.1% increase expected.
Lastly, the May Empire State manufacturing index came in at negative 15.6 vs. the negative 10 forecast. A number below zero indicates worsening business conditions in New York state. The results are compiled from a survey of 200 manufacturing executives.
GameStop, AMC Plummet After Whirlwind Rally
Meme stock GameStop sank around 30% in recent trades in heavy volume after two roaring days of gains. Shares reached a high of 64.83 on Tuesday’s explosive move and were back around 41.78 in recent trades.
The stock returned to investors’ radars after Keith Gill, who sparked the meme stock rally during the pandemic, made his return to social media for the first time in three years.
Likewise, fellow meme stock AMC Entertainment tumbled around 25% in heavy trading after two days of massive gains in volatile action.
On Wednesday AMC announced it will issue nearly 23.3 million shares of common stock in exchange for $163.9 million of bonds that mature in 2026. Both AMC and GameStop had temporary trading halts on Wednesday morning due to volatility.
Stock Market Today: Monday.com Rockets Higher
Monday.com (MNDY) soared nearly 20% in heavy action, after the company beat first-quarter profit and sales estimates. The Israel-based software applications company also gave second-quarter and full-year revenue forecasts ahead of analyst projections.
The stock reclaimed its 200-day and 50-day moving averages on Wednesday.
Nu Holdings (NU) jumped nearly 7% after the Brazilian banking platform operator reported its first-quarter results with sales topping expectations. Quarterly earnings grew to 8 cents a share, up from 3 cents in the year-earlier quarter, or a 164% gain. Sales growth accelerated to 69%. Shares are in a consolidation with an official buy point of 12.38.
MakeMyTrip (MMYT) climbed 2.4% following the company’s better-than-expected earnings and sales results for its fiscal fourth quarter. MakeMyTrip stock is on the Leaderboard watchlist.
Dell Technologies (DELL) surged more than 7% on the stock market today after Morgan Stanley raised its price target to 152 from 128 and maintained its overweight rating on the computer maker and software developer.
Homebuilder Toll Brothers (TOL) gapped up from a cup-with-handle base with a 128.75 buy point after Wells Fargo raised its price target to 150 from 142 and held its overweight rating.
Follow Kimberley Koenig for more stock market news on X/Twitter @IBD_KKoenig.
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