Stock Market Update: GameStop Surges, Novavax Soars, and Apple Gets a Boost

Stocks traded sideways in the final hour Monday with the major indexes starting and closing the afternoon mixed. The highlight of the session was the explosive performance of GameStop (GME) which fueled excitement throughout the market.

The Dow Jones Industrial Average ended its eight-day win streak, slipping 0.2% in Monday’s action. The S&P 500 closed flat, while the Nasdaq managed to add 0.3%. The small-cap Russell 2000 also saw gains, closing 0.1% higher.

Volume was up on both the Nasdaq and the New York Stock Exchange compared to the previous session. Among exchange traded funds, Invesco QQQ Trust (QQQ) inched 0.2% higher, while the Innovator IBD 50 ETF (FFTY) eased 0.4%.

In other market news, the benchmark 10-year Treasury yield dipped to 4.49%, while West Texas Intermediate crude oil climbed past $79.15 a barrel.

Investors are now looking ahead to key economic data releases, with the April Producer Price Index scheduled for Tuesday, followed by April’s Consumer Price Index data and retail sales on Wednesday.

The standout performer of the day was GameStop, which saw its shares soar by a whopping 74.4% amid massive volume. The surge was attributed to buzz surrounding investor Keith Gill, known as Roaring Kitty, who posted his first tweet in nearly three years.

Another meme stock, AMC Entertainment (AMC), also saw a significant increase, rocketing 78.4% in sympathy with GameStop.

In the biotech sector, Novavax (NVAX) catapulted 47.6% in heavy volume after news of a collaboration with rival vaccine maker Sanofi to develop a combined Covid/flu vaccine.

In the tech industry, Alphabet (GOOGL) saw a 0.3% gain ahead of the Google I/O event for software developers. Apple (AAPL) also received a boost, climbing 1.8% on news of a potential partnership with OpenAI for its next iPhone operating system.

Overall, the stock market saw a mix of performances with various sectors experiencing notable movements. Investors will continue to monitor upcoming economic data releases and company earnings reports for further insights into market trends.