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Market Insights

Market insight: GameStop shoots higher

A man standing in a store with signs that says GameStop.
  • GameStop shoots higher.
  • Mexico, South Africa and India reveal the results from elections.
  • Nvidia releases more good news for investors.
  • Markets look ahead to ECB, NFPs.

GameStop is back in the headlines, with the price of the memestock soaring in the pre-market session. After Keith Gill, aka “Roaring Kitty,” shared a screenshot of his $116 million position in the video game company, GME’s stock price surged approximately 78%, driving prices back toward the $40.00 mark.

As GameStop captures headlines, another tech giant, Nvidia, also brings significant news to the market. Nvidia has released more good news to investors, unveiling its next-gen platform, Rubin, at the Taiwan Computex technology conference on Sunday. As Nvidia CEO Jensen Huang detailed plans and the roadmap for new semiconductors, optimism for the AI leader's products and future growth prospects rose, pushing Nvidia’s stock price up 3% in the US pre-market.

The robust performance of Nvidia contributed to a 0.65% gain in the US 100 for the current session, while the SPX500 hovers around 5300.

In contrast, the release of US PCE on Friday and OPEC’s output extension cuts on Sunday have had little impact on gold, silver, and oil prices, at least for now.

Cryptocurrencies are on the move today. Bitcoin is up 2.20%, nearing the $70k mark, while Ethereum eagerly approaches $3800. Dogecoin isn't far behind, gaining an additional 3.10%.

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For emerging market (EM) currencies like USD/ZAR, USD/MXN and USD/INR, the focus has been on the results of recent elections, which could still influence prices in the upcoming days. Additionally, EU nations will take to the polls between June 06 - 09, 2024, with UK elections following shortly on July 04, 2024.

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Meanwhile, former US President Donald Trump, recently convicted of 34 felonies, will appear in court on July 11 to face potential outcomes, including jail time.

This week, the big focus is on the European Central Bank (ECB) rate decision on Thursday and US non-farm payrolls on Friday. These events could provide further insight into the respective monetary policies of the ECB and the Fed, as well as the country's expected growth forecasts, influencing EUR/USD.

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Not investment advice. Past performance does not guarantee or predict future performance.

Capitalise on volatility in cryptocurrency markets
Take a position on moving cryptocurrency prices. Never miss an opportunity.
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No commissions, no markups.
3rd June - 7th June
USDMXN | 00:00 - 21:00 UTC
4th June - 7th June
GME.US | 13:30 - 20:00 UTC
Trade now
What better way to welcome you than with a bonus?
Start trading with a $30 bonus on your first deposit.

Terms and Conditions apply
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