TLDR

MARKET RECAP → The Dow Jones Industrial Average (DIA) snapped its 8-day winning streak as investors paused in the wake of rising consumer inflation expectations.

GME SURGE TRIGGERS TRADING HALTS → 🎮 GameStop's (GME) stock spiked 74% and faced multiple halts after "Roaring Kitty" re-engaged on social media, rekindling the meme stock mania while highlighting ongoing struggles in GameStop’s core business.

INFLATION EXPECTATIONS RISE → 📊 Rising home costs and persistent inflation fears push consumer expectations to 3.3% for the next year, challenging the Fed's target as broad price increases loom across sectors.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

GME Surge Triggers Trading Halts

🎮 Roaring Kitty Ignites Rally: GameStop's (GME) stock soared up 75%, with trading halted multiple times due to volatility, following a new post from Roaring Kitty—real name Keith Gill. His influence, originating from massive short squeezes in 2020-2021, remains potent as evidenced by the dramatic stock movement from his recent social media activity.

🔥 Meme Stock Frenzy Revisited: The online frenzy began anew, reminiscent of the 2021 chaos that targeted hedge funds like Melvin Capital, causing significant financial upheaval. Gill's post sparked a surge not only in GameStop but also in other meme stocks like AMC (AMC), showcasing the enduring power of social media-driven trading among retail investors.

📉 GameStop’s Recent Performance and Outlook: Despite the recent surge, GameStop's underlying business struggles continue, with a reported revenue drop in the last quarter and ongoing job cuts to stem costs. The stock’s unpredictable swings underscore the ongoing challenges and speculative nature tied to meme stocks.

TODAY’S TOP NEWS

Inflation Expectations Rise

🏠 Housing and Energy Costs Drive Inflation Fears: The New York Fed's latest survey revealed that consumers expect higher inflation rates in the near and longer term, primarily driven by anticipated increases in housing costs and energy prices. On a one-year basis, inflation expectations rose to 3.3%, the highest since November 2023, with housing price growth expectations jumping to 3.3%.

📈 Persistent Inflation Concerns: Despite a significant disinflationary trend in 2023, inflation remains stubborn, with the five-year outlook increasing to 2.8%. This sustained expectation far exceeds the Federal Reserve's 2% target, reflecting ongoing concerns over the stubborn nature of inflation.

📉 Broader Economic Implications: Alongside housing, consumers anticipate significant rises in rents, medical care, food, gasoline, and college education costs over the next year. This broad-based expectation of inflation is worrisome for policymakers, especially as the Fed holds interest rates steady, seeking more evidence of inflation aligning closer to their target.

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