Investing.com-- U.S. stock index futures moved little in evening deals on Monday, as investors hunkered down ahead of key inflation readings that are likely to factor into interest rates, although a rally in so-called memestocks extended into aftermarket trade.
But the so-called meme stocks were an exception, rising sharply after Keith Gill, who goes by the social media tag Roaring Kitty and was a figurehead in the 2021 meme stock frenzy, made a social media post for the first time in three years. Still, their gains had little bearing on the overall market.PPI data is due on Tuesday, while the more closely watched CPI reading is due on Wednesday.
A string of Federal Reserve officials also warned in recent weeks that the central bank was in no hurry to begin cutting rates, and needed more confidence that inflation was moving back towards its 2% annual target.Videogame retailer GME rose nearly 24% after a 74% rally during the session, while theater chain operator AMC also rose 24% after a nearly 80% spike during the session.
Gill had inspired the meme stock rally in 2021 after his posts on Reddit’s wallstreetbets forum went viral, sparking retail buying into heavily-shorted stocks such as GME initially, and then AMC. The buying triggered exponential, albeit brief gains in stock prices.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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