Stock Market News: Live Updates

Check out the companies making headlines before the bell.

GameStop — GameStop stock rose more than 37% in premarket after the first “Roaring Kitty” post in nearly three years. This post, published on X with a photo of a video gamer leaning forward in a chair to show that he is serious about his game, is Roaring Kitty’s first post on this platform, namely Reddit, since 2021. It became what it was.

Arm Holdings — Shares soared 3.4% after a Nikkei report that the semiconductor company is considering launching its first artificial intelligence chip next year. According to the report, Arm hopes to have a prototype manufactured by spring 2024.

Nvidia — NVIDIA stock rose about 1% after Jefferies raised its price target on the chipmaker to $1,200 per share, suggesting an upside of about 34%. “While we think it’s still too early to sift out winners and losers in the AI ​​basket, NVDA is our favorite,” analyst Blaine Curtis wrote.

— Ha-Kyung Kim

GameStop shares rose more than 37% in the premarket after the first “Roaring Kitty” post in nearly three years.

posta photo above of a video gamer leaning forward in a chair to show he’s serious about the game, marked Roaring Kitty’s first post on the platform, or Reddit, since 2021.

Kitty (real name Keith Gill) is one of the Reddit traders driving the meme stock boom of 2021.

— Fred Imbert, Yun Lee

Key events this week include a major U.S. inflation report as investors look for clues about whether the Federal Reserve will cut interest rates this year.

The Consumer Price Index report is expected to be released on Wednesday. Economists polled by Dow Jones expect April’s CPI to rise 0.4% from the previous month and 3.4% from a year ago. Core CPI, which excludes food and energy, is expected to rise 0.3% from March and 3.6% from the same month last year.

The producer price index will be released on Tuesday and is expected to rise 0.3% month-on-month.

— Fred Imbert

European markets started the new trading week in mixed territory, with the pan-European Stoxx 600 index rising slightly, up 0.03%.

Britain’s FTSE 100 index rose 0.07% to 8,439, Germany’s DAX fell 0.13% to 18,748, France’s CAC fell 0.4% to 8,216 and Italy’s FTSE MIB rose 0.4% to 34,808.

China has reportedly begun a plan to sell 1 trillion yuan ($138.24 billion) of ultra-long-term bonds, the Financial Times and Reuters reported.

The Financial Times reported that the People’s Bank of China “sought advice from brokers on setting the sale price for the first round of government bonds.”

Meanwhile, Reuters reported, citing sources, that the 20-year bond will be worth 300 billion yuan, the 30-year bond will be worth 600 billion yuan, and the 50-year bond will be worth 100 billion yuan. I was told that it would be issued.

These ultra-long-term bonds were announced in March and are aimed at funding major projects in line with the national strategy.

These bonds have only been issued three times so far: during the Asian Financial Crisis in 1998, for the capitalization of China Investment Corporation in 2007, and during the COVID-19 pandemic in 2020.

— Lim Huijie

China’s Shine is ramping up preparations for a London listing after plans to list in New York were hit by regulatory challenges, Reuters reported, citing people familiar with the matter.

The fast-fashion retailer plans to file documents with the London Stock Exchange (LSE) as early as this month, according to the report, and will provide an update to China’s securities regulator, the site of its IPO.

Mr. Schein filed for an initial public offering worth $66 billion in the U.S. in late November.

—Shreyashi Sanyal, Reuters

China’s consumer prices rose faster than expected, with the consumer price index rising 0.3% year-on-year in April, data from the National Bureau of Statistics showed on Saturday.

This beat the 0.2% rise expected by economists polled by Reuters and also exceeded the 0.1% rise in March.

Separately, China’s producer price index fell by 2.5% compared to April last year, and by 2.8% in the previous month.

— Lim Huijie

Wednesday’s Consumer Price Index report will provide much-needed insight into where the Federal Reserve will take monetary policy going forward.

Inflation has been rising in recent months, raising concerns that price pressures could rise consistently again. Central Bank Chairman Jerome Powell said last month that the Fed’s next action likely won’t be to raise rates, reiterating its data-dependent approach. This trend is providing a tailwind for stocks that have built a stable footing thanks to a strong first-quarter earnings season.

Still, Wednesday’s CPI results will be the real test for investors on whether rate hikes are really out of touch with reality.

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— Brian Evans