The Street
  • 6 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how GameStop brought in more than $2 billion.

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Transcript
00:00I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching on
00:03the street today. Wall Street is coming off yet another set of record highs from the S&P 500 and
00:08Nasdaq ahead of the latest interest rate decision from the Fed. While markets have priced in a 99%
00:14chance, the central bank holds rates steady at this meeting. Investors will closely listen for
00:19any clues on the Fed's path forward. And the first clue may have already been received with
00:25glee on Wall Street. The consumer price index is out. Headline inflation surprisingly came in
00:30unchanged for May versus a 0.3% increase the prior month. Total consumer prices are up 3.3%
00:38from a year ago. That's slower from April but is still above the Fed's 2% target. In other news,
00:44there may be a winner of the recent return of the meme trade and yes, it's of course GameStop.
00:49The company announced Tuesday that it completed a sale of a maximum of 75 million shares of its
00:55common stock. The move brought in $2.14 billion. GameStop says it will use the cash for general
01:01corporate purposes with investments and acquisitions possible. GameStop once again
01:06caught Wall Street's attention after Keith Gill, known as Roaring Kitty, the father of the 2021
01:12meme stock frenzy, returned to the public eye. He reiterated his GameStop thesis and his large
01:18position in the stock in a live stream on June 7th. Gill provided little new reasoning but did
01:25show his positions in a series of screenshots. While the stock initially soared after Roaring
01:31Kitty's bullish roar, GameStop plunged after surprising Wall Street with a larger-than-expected
01:37drop in quarterly sales. That'll do it for your daily briefing from the New York Stock Exchange.
01:43I'm Conway Gittins with The Street.
01:48you

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