Skip to content Skip to footer
The NASDAQ vuilding, nasdaq and S&P 500 reached record highs as GDP data came in

NASDAQ Reaches a New High, GameStop and the Meme Stock Rally & FTSE 100 Rises Despite COVID-19 Surge

NASDAQ records new high as Powell testifies

The NASDAQ recorded a new all-time high in today’s trading session as Federal Reserve Chair Jerome Powell was set to testify before congress.

Powell’s testimony comes a week after the Federal Reserve opted to keep its hawkish approach by keeping rates unchanged.

Congress will likely press Powell on the Fed’s stance on the current rise in inflation and look to get further guidance on when the bank could look to alter its policy.

In anticipation of the testimony, all three major U.S. indices traded higher, whilst Gold prices stalled.

The U.S. Dollar also weakened against the British Pound, hitting an intraday high of 1.3942          .

GameStop leads meme stock rally

GameStop, the original meme stock rallied on Tuesday as it was announced that the company had raised over $1 billion.

The company which was one of the major benefactors of the reddit “WallStreetBets” thread, today announced that it sold 5 million shares.

As a result of the sale, the company was able to raise $1.13 billion in capital in order to accelerate growth.

Today’s news saw shares in the retailer rise by as much as 12% earlier in today’s session, before retreating thereafter.

As of writing, $GME was up 5.6%, whilst fellow “meme stock” $AMC was trading up 2.90%.

FTSE 100 rises despite surge in COVID-19 cases

London’s FTSE 100 closed higher on Tuesday, despite the latest figures showing that COVID-19 cases were once again on the rise.

It was reported that there were 11,625 new COVID-19 infections, in addition to 27 deaths, compared to 10,633 cases and 5 deaths reported a day earlier.

The news comes 24-hours after the United Kingdom was expected to fully ease lockdown restrictions, however this has now been officially postponed to July 19th.

New variants of the virus are said to be the reason for the recent rise in cases, and as a result the government has moved to invite all adults over 18 to take their first COVID jab.

The FTSE 100 closed 0.39% higher on Tuesday.

Quote of the day – “A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes it is the other way around.”

– Martin Schwartz

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.