Key Financial News for Today:
1. GameStop and AMC Continue the Rally Sparked by Return of ‘Roaring Kitty’
2. Biden Levies Sweeping Tariffs on Chinese Chips, Minerals, EVs
3. Home Depot Q1 Revenue Lags Forecasts But Profit Beats
4. Wholesale Prices for April Due in Latest Read on Inflation’s Path
5. Anglo American Plans Breakup After Rejecting BHP’s $43B Bid

The stock market is buzzing with activity today as pandemic-era meme stocks GameStop (GME) and AMC Entertainment (AMC) continue to soar in premarket trading. This surge comes on the heels of famed investor “Roaring Kitty” making a return to social media, causing a frenzy among investors. GameStop and AMC both saw their stocks rise by over 70% on Monday, and the momentum has carried over into today with both stocks up around 100% in premarket trading.

In other news, President Joe Biden has imposed sweeping tariffs on a wide range of Chinese imports, including steel, semiconductors, and electric vehicles. This move has escalated trade tensions between the two countries, with U.S. officials citing China’s manufacturing overcapacity as a key issue.

Meanwhile, Home Depot reported higher-than-expected first-quarter earnings but fell short on revenue projections. The retailer cited elevated interest rates as a factor impacting home improvement spending. Despite the revenue miss, Home Depot reaffirmed its guidance for the fiscal year.

Investors are also keeping a close eye on the Producer Price Index (PPI) numbers for April, which are due today. The PPI will provide insight into whether price pressures are cooling enough to potentially prompt Federal Reserve officials to consider cutting interest rates.

Lastly, Anglo American is planning to split up and sell several assets after rejecting a $43 billion bid from rival mining giant BHP Group. This breakup plan is being described as the most radical shakeup in decades for Anglo American, with CEO Duncan Wanblad outlining plans to focus on copper and premium iron ore assets.

Overall, U.S. stock futures are relatively unchanged ahead of the PPI numbers and a speech by Federal Reserve Chair Jerome Powell later today. It’s shaping up to be an eventful day in the markets, with plenty of news and developments to keep investors on their toes.