Stock Market News: GameStop shares slump, S&P 500 enters bull market, Tesla’s winning streak

Posted By: ndeeney

Breaking News

S&P exits bear market

The
S&P 500 entered a new bull market on Thursday up 20% from the lows hit in October. The broadest measure of U.S. stocks fell into a bear market on June 13, marking the longest bear market since 1948.

Inflation check

An
auto metric closely watched by the Federal Reserve is showing inflation is coming down.

Carvana cruises higher

Carvana Co.

$

25.09

Carvana shares spiked over 60%
in what is a record jump for the auto retailer which, several months ago, was speculated as a bankruptcy candidate due to its debt. On Wednesday, the company reported its gross profit per unit is expected to be above $6,000 [non-GAAP] – which is a new record and 63% higher than the same-period a year ago.

“Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” says Ernie Garcia, Carvana Founder and CEO. “The team’s persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan.”

A former Uber driver is living the dream after qualifying for the 2023 U.S. open.

Tesla’s winning streak

Tesla Inc.

$

231.56

Tesla’s shares are on pace to do something they haven’t done since January of 2021 a win for CEO Elon Musk.

PGA – LIV Golf

The stunning merger between the PGA and LIV shocked the golfing world. Now, billions are at stake as FOX Business takes a deep dive into the players, the pay and Saudi Arabia’s investors.

Uber enters rental market

Symbol	Price	Change	%Change
UBER	$39.71	0.72	1.85
LYFT	$10.45	0.15	1.46

Uber Technologies Inc.

$

39.52

Uber is taking on Hertz and Avis announcing a new initiative that let’s car owners rent their vehicles for extra cash.

GameStop shares slide

Symbol	Price	Change	%Change
GME	$26.11	1.42	5.75

Gamestop fired CEO Matt Furlong and replaced him with the company’s largest individual shareholder Ryan Cohen, founder of Chewy.

Breaking News

Jobless claims moved higher, a potential sign the Federal Reserve’s actions are finally taking hold for the U.S. economy.

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