GameStop stock was highly volatile Thursday with the video game retailer postponing their annual shareholder meeting, which came as the result of a server crash from overwhelming demand.
Wall Street experienced a rude awakening the day after the Federal Reserve’s June policy meeting, as investors sold off risky assets and shifted to safer bonds and cash in response to the latest batch economic data.
The bond market stayed stable after Fed kept interest rates unchanged. ETFs were flat. Fed aims to lower 3.4% inflation to 2%, may cut rates once confident. Bond ETFs rose slightly. Fed will continue lowering its holdings to achieve 2% inflation goal.
Goldman Sachs reiterates forecast for 2 interest rate cuts in 2024, starting in Sept. Fed's June meeting showed progress on inflation, may lead to Sept. cut.
Higher taxes in Illinois and losses at Jackpocket could be short-term headwinds for DraftKings, but Goldman Sachs keeps the stock a Buy for future outlook.