🔽 US2000 erases gains as meme-stocks trim early surge
Meme-stocks are in the centre of attention once again, with GameStop (GME.US) launching today's cash trading with an over-70% bullish price gap. While the stock has trimmed a large part of those gains in the first hour of trade, but shares continue to trade over 30% higher on the day. The move higher was triggered by reports of RoaringKitty, trade closely associated 2021 meme-stock mania, building an over $100 million position in GameStop shares and call options. Other meme-stocks, like AMC Entertainment (AMC.US) or BlackBerry (BB.US), also traded higher today, but magnitude of the move was much smaller than in the case of GameStop.
A surge in meme-stocks has pushed small-cap Russell 2000 futures (US2000) over 1% higher earlier today. However, as GameStop and other involved stocks began to trim gains, so has the US2000 index. All the earlier gains on the index have been erased already, and now US2000 trades more or less flat compared to Friday's close.
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Small-cap Russell 2000 (US2000) erased meme-stock fuelled gains after launch of Wall Street cash session and now trades more or less flat compared to Friday's close. Source: xStation5
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