US stocks coast toward finish of a record-setting week
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Week That Meme Stocks Returned
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European Stocks Climb
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Intel stock falls after the chip maker reports a wider loss in the second quarter, while Centene rises even as it posts a surprise quarterly loss.
Beaten-down stocks such as Kohl’s, Krispy Kreme and Opendoor Technologies have taken off recently, as individual investors pile into heavily shorted equities. The stocks’ cult followings and their outsized gains mirror the performance of GameStop and AMC Entertainment during the original pandemic-era meme-stock frenzy.
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The sudden return of meme-stock trading may look like risk appetite returning, but it also reflects a kind of market optimism that often appears at unhealthy inflection points. When price action becomes unanchored from fundamentals, volatility usually follows.
President Donald Trump later said that he wouldn’t go below 15% as a floor for the so-called reciprocal tariffs ahead of the deadline on August 1, and suggested that some levies may go as high as 50%. Speaking at an AI summit on Wednesday, Trump said:
While some Wall Street companies are clearly rallying thanks to President Donald Trump’s policies, the same can’t be said for Main Street, according to a chart from BofA Global Research strategists, led by Michael Hartnett.
US stocks climbed on Wednesday after the US struck a trade deal with Japan, lifting hopes for further tariff pacts as Wall Street prepared for Tesla (TSLA) and Alphabet (GOOGL, GOOG) earnings after the bell.
The Indian rupee declined to its weakest level in a month in early trading on Friday, pressured by a fall in local equities as well as investors cutting their very near-tenor bullish bets on the currency,
HYBE stock was down this week following fraud allegations against Chairman Bang and the convictions of three employees for insider trading.