Tech stocks hold steady, GameStop surges, Chinese stocks rise on Tencent's strong revenue

From Benzinga: 2024-05-13 13:47:49

Wall Street began a data-heavy week on a mixed note, waiting for key inflation updates and remarks from Fed Chair Jerome Powell. The S&P 500 and Nasdaq 100 remained stable, while the Russell 2000 saw a 0.6% gain. Meme stocks like GameStop soared, and crypto assets like Dogecoin and Bitcoin rose.

Chinese stocks surged following Tencent Music’s revenue beat, with the KraneShares CSI China Internet ETF and Invesco Golden Dragon China ETF up. Oil rebounded while gold fell. Meme-related stocks like AMC Entertainment and Beyond Inc. surged, and Intel Corp. gained amid deal rumors with Apollo Global Management.

In the commodities market, oil rebounded while gold fell. Meme-related stocks experienced significant rallies, with GameStop, AMC Entertainment, and others seeing substantial gains. Intel Corp. gained amid deal rumors, while stocks reacting to earnings included Fortrea Holdings, NET Power Inc., and Paysafe Ltd. Earnings reports are pending from StoneCo Ltd., Intercorp Financial Services Inc., and Agilysys Inc.



Read more at Benzinga: Tech Stocks Inch Higher Ahead Of Key Inflation Data, GameStop Skyrockets, Tencent Fuels China Rally: What’s Driving Markets Monday?