GameStop Corp
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Consumer Discretionary : Specialty Retail | Mid Cap Blend
Company profile

GameStop Corp. is an omnichannel video game retailer. The Company sells video game hardware, physical and digital video game software, video game accessories, as well as mobile and consumer electronics products and other merchandise through its GameStop, EB Games and Micromania stores. It operating segments, which consists of Video Game Brands segments: United States, Canada and Australia and Europe. Each of the Video Game Brands segments consists primarily of retail operations, with all stores engaged in the sale of new and pre-owned video game systems, software and accessories, which it refers to as video game products. Its Video Game Brands stores sell various types of digital products, including downloadable content, network points cards, prepaid digital, and also sell certain mobile and consumer electronics products and collectible products.

Closing Price
$204.97
Day's Change
-1.40 (-0.68%)
Bid
--
Ask
--
B/A Size
--
Day's High
212.49
Day's Low
200.78
Volume
(Above Average)
Volume:
3,950,643

10-day average volume:
3,503,949
3,950,643

Dow narrowly misses first close at 35,000 but all 3 stock indexes log back-to-back record finishes ahead of bank earnings

4:37 pm ET July 12, 2021 (MarketWatch)
Print

By Mark DeCambre and Joy Wiltermuth

Dow ends just shy of 35,000 milestone

The Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite on Monday advanced to back-to-back record finishes, starting the week the way the ended last week.

The record finish comes as investors await semiannual testimony from Federal Reserve Chairman Jerome Powell beginning Wednesday and a batch of economic reports throughout the week, the unofficial start of corporate quarterly results.

See: A crazy week for U.S. stocks came with a change in the market narrative--should investors believe it? (https://www.marketwatch.com/story/a-crazy-week-for-u-s-stocks-came-with-a-change-in-the-market-narrative-should-investors-believe-it-11625865324?mod=market-snapshot)

How did stock benchmarks end?

On Friday (https://www.marketwatch.com/story/dow-futures-up-over-200-points-as-stocks-attempt-bounce-after-thursday-selloff-11625829993?mod=market-snapshot), the Dow and S&P 500 finished the session at record highs, booking weekly gains of about 0.2% and 0.4%, respectively. The Nasdaq Composite finished the week at an all-time high with a 0.4% weekly gain.

What drove the market?

Major stock indexes rose to back-to-back closing records on Monday. The advance came ahead of a number of key events that could serve as catalysts later in the week, including the unofficial start of earnings season, which JPMorgan Chase & Co. (JPM) will kick off Tuesday, Powell's testimony on Capitol Hill, and fresh readings on inflation.

"People are thinking earnings are going to be strong and that may propel the market higher," said John Carey, director of Equity Income at Amundi U.S., adding that, for now, earnings have overshadowed uncertainty in Washington over planned infrastructure spending and potentially higher corporate taxes.

"Most people seem to be focused on the strength of the economy and the possibility of better earnings to support stock prices, which are definitely at high levels," Carey told MarketWatch.

Equity markets experienced a bout of turbulence last week before ending with a flourish, prompted partly by a drop in Treasury yields. Lower-bound rates for government debt had raised questions about the outlook for the U.S. economy in the recovery from the pandemic. The spread of the delta variant of COVID-19 has emerged as a concern, but so has the lofty valuations assigned to some segments of the market.

Questions about the Fed's monetary policy in the face of growing evidence of percolating inflation also have been blamed for some of the rocky trading.

Yields for the 10-year edged up less than a basis point to 1.362% on Monday, while the 30-year Treasury yields advanced by 1.2 basis points to 1.993%, near lows last seen in February.

Federal Reserve Bank of New York President John Williams told reporters (https://www.wsj.com/articles/fed-s-williams-average-inflation-targeting-helps-moor-inflation-expectations-11626097113?mod=newsviewer_click&adobe_mc=MCMID%3D81728822426815921132821334980853045518%7CMCORGID%3DCB68E4BA55144CAA0A4C98A5%2540AdobeOrg%7CTS%3D1626114915) Monday that conditions for scaling back its $120 billion a month bond-buying stimulus program have yet to be met.

Although inflation and peak growth concerns continue to percolate and worry U.S. households (https://www.marketwatch.com/story/americans-are-bracing-for-higher-inflation-but-expect-some-relief-on-food-and-gas-prices-11626102889?mod=newsviewer_click), some strategists said those concerns may be "over-hyped" for markets.

"Both the previous inflation concerns and the current peak growth concerns are likely over-extrapolated reflections of near-term trends that will not persist," Glenmede's team led by Jason Pride and Michael Reynolds, wrote in a Monday note.

"Markets may remain volatile as they attempt to adjust to the rapidlyevolving information flow during the ongoing recovery from the pandemic," but those factors "should not be disruptive of markets longer term."

Also read: Higher U.S. inflation isn't going away just yet. Here's why (https://www.marketwatch.com/story/higher-u-s-inflation-isnt-going-away-just-yet-heres-why-11625854072?mod=mw_latestnews)

Investors also have been keeping an eye on delta-driven COVID infections. The U.S. leads the world with a total of 33.85 million COVID cases and in deaths with 607,156. Dr. Anthony Fauci said on Monday that boosters weren't needed for now (https://www.marketwatch.com/story/fauci-says-covid-19-vaccine-boosters-not-needed-for-now-as-delta-variant-mostly-infecting-the-unvaccinated-11626101333?mod=newsviewer_click), but during a Sunday CNN inview said it was "horrifying" (https://www.cnn.com/videos/politics/2021/07/11/anthony-fauci-cpac-cheers-missing-vaccination-goal-sot-sotu-vpx.cnn) to see conservatives cheer for low vaccination rates, blaming "ideological rigidity" for hobbling the fight against the pandemic.

"We have long warned that vaccinations would be unlikely to trigger a smooth transition to normalcy," Ben May, Oxford Economics' director of global macro research wrote Monday.

No key data were on deck Monday ahead of a busy week in economic reports, starting with a reading of consumer prices on Tuesday.

Separately, investors also were focused on discussions among finance ministers from the G-20, who are trying to assess the potential implications of a proposal for a global minimum tax.

"We need sustainable sources of revenue that do not rely on further taxing workers' wages and exacerbating the economic disparities that we are all committed to reducing," U.S. Treasury Secretary Janet Yellen said in a speech to European Union countries about revamping the corporate tax code internationally.

"We need to put an end to corporations shifting capital income to low tax jurisdictions, and to accounting gimmicks that allow them to avoid paying their fair share," she said.

Which companies were in focus?

How did other assets trade?

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

July 12, 2021 16:37 ET (20:37 GMT)

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