The ASX is set to open in the red with Wall Street lower across the board after resuming trade following a long weekend.
Wall Street is listless after coming back from a three-day weekend, and is drifting near its record heights.
GameStop jumped 18.8 per cent after it said it raised $US933.4 million in cash through a previously announced sale of stock. The company, whose stock price has often moved more on investors’ enthusiasm than any change to its profit prospects, said it could use the cash for acquisitions, investments or other general corporate purposes.Nvidia added another 6 per cent to bring its gain for the year so far to a whopping 128 per cent.
Analysts at Bank of America cut their price target for McDonald’s on Tuesday, for example, citing its struggles after hiking its prices more than Wendy’s and other competitors, among other challenges. McDonald’s fell 1.9 per cent. The Fed has been holding the federal funds rate at the highest level in more than two decades in hopes of grinding down on the economy and investment prices enough to get high inflation fully under control. The danger is that if it leaves rates too high for too long, it could kneecap the job market and overall economy. Making it more difficult for the Fed, if it cuts rates too early, it could allow inflation to get even worse.
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