Story stocks and broad market retrace early gains
The S&P 500 is now trading flat as some early excitement wanes. The financials (-0.1%), consumer discretionary (-0.2%), materials (-0.4%), and industrials (-0.1%) sectors have recently slipped lower.Similarly, some of today's story stocks in General Electric (GE 11.59, +0.59, +5.4%), Etsy (ETSY 210.79, +2.36, +1.1%), and GameStop (GME 84.61, +8.14, +10.6%) have come down from prior highs. GE reported better-than-expected industrial free cash flow, Etsy received a vote of confidence from Elon Musk, and GameStop as you may know is squeezing the shorts. Beyond Meat (BYND 198.36, +39.4, +24.8%) has also retraced some gains but it's still up 25% after forming a joint venture with PepsiCo (PEP 140.71, +0.53, +0.4%).