SPY - Wall Street Eyes Positive June Start GameStop Skyrockets On Renewed Meme Rally: Optimistic Analyst Sees Stocks Defying Historical 'June Swoon' (CORRECTED) | Benzinga
Editor’s note: This story has been updated to correct an error in the date.
Wall Street is eyeing a strong start to the week, with mega-cap tech stocks and the resumption of the meme rally likely providing the thrust the market needs to break out of the lackluster phase seen in late May. The meme stock rally set in motion by Roaring Kitty’s disclosure of a huge GameStop Corp. (NYSE:GME) stake could lend support to the small-cap space, while the Computex 2024 presentation in Taiwan will likely buoy the tech space. A couple of manufacturing activity data due for the day could also be on traders’ radar.
Futures Performance (+/-)
Nasdaq 100 +0.41%
S&P 500 +0.23%
Dow +0.01%
R2K +0.95%
In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) rose 0.14% to $528.12, and the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.58% at $453.32, according to Benzinga Pro data.
Cues From Previous Week:
Concerns about growth and the Fed funds rate trajectory as well as poor reception to Treasury bond options sapped risk appetite in the holiday-shortened week ended May 31, with all three major averages recording losses for the week. A tamer-than-expected inflation data released on Friday helped the broader market trim its weekly losses.
Tech stocks led the week’s sell-off, with the Nasdaq Composite and the S&P ...