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NYSE:GME failed to continue any upward momentum from Thursday’s session, and closed the trading week at a 3.2% loss for the week. On Friday, shares of GME dropped by 3.56% and closed the session at $95.66. The markets were in flux on Friday as the monthly OPEX day caused the markets to whipsaw throughout the day. The Dow Jones managed to eke out an 8 basis point gain by the close, while the S&P 500 edged higher by 0.01% after briefly dipping into bear market territory for the year. The NASDAQ fell by 0.30% as the only major index to close the session in the red.
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There was a lot of buzz on social media on Thursday night as the GameStop NFT Marketplace sent out a tweet. The tweet from the account @GamestopNFT simply said GM! (good morning) but many took it as a sign that the NFT marketplace was coming online. It was even revealed that the GameStop NFT Marketplace Beta site had been discovered although there was nothing functional as of yet. The NFT Marketplace is one of the major catalysts for GameStop’s digital transformation, and the company needs to execute or face more downward pressure on the stock.
GME Stock
Unfortunately for GameStop, it took so long to get the NFT Marketplace online that it missed the peak of the NFT explosion. With the crypto markets dipping into their own bear market as the price of Bitcoin and Ethereum continue to fall, NFTs have also taken a hit to their popularity. It’s likely the hype will return one day, but for now, GameStop runs the risk of having a less than stellar launch similar to the one that Coinbase (NASDAQ:COIN) had earlier this year.
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AUD/USD is a few pips above 0.7100 at the end of the American session, as US indexes managed to bounce in the final hour of trading. The Dow Jones turned positive after spending the day in the red. Eyes now on the RBNZ decision.
Lingering inflation and growth concerns were unable to overshadow ECB officials vowing for a 50 bps rate hike as soon as next July. EUR/USD holding on to gains and en route to extend its advance.
Global stocks traded with a soft tone, favoring the safe-haven gold that reached a fresh two-week high of $1,869.71. The bright metal holds nearby as the American session undergoes, with Wall Street trimming most of its Monday’s gains.
Cardano price action continues to dip lower and lower, following the broader market in a continued downtrend. Time cycles indicate relief may not come until June.
Another double-dose rate hike is on the table for the RBNZ when it meets this Wednesday to decide on its monetary policy at 0200 GMT. The central bank’s outlook on the pace of tightening, however, will be key in determining NZD/USD’s next price direction.
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