What the absolute hell is going on with Wall Street right now? KevinTDugan reports
Photo-Illustration: Intelligencer; Photo: Getty Images What the absolute hell is going on with Wall Street right now? August is usually a month slowed down by bankers and traders distracted by Hamptons rentals or blissfully out of cell range on a megayacht, but this summer month has been anything but sleepy in markets.
Take Bed Bath & Beyond, one of the original memestocks. Not a lot’s been going on with this company, all things considered. But that hasn’t stopped the day traders at the sub-Reddit r/wallstreetbets from quadrupling the value of the stock in the last few weeks. Gamestop, too, rose nearly 50 percent from late July to its peak this month, also just because.
Clearly, somebody’s getting rich out there, but even with the similarities to the speculative excesses of 2021, things aren’t the same. I spoke with Callie Cox, head U.S. strategist at eToro , who told me that recent reports showing slowing inflation and strong hiring have led to an overall sense that the worst for the economy may be over. “There was a lot of pessimism and even a little bit of good news seems to throw a big spark into these markets,” Cox said.
So maybe it’s just all about luck and good timing. There’s probably no better example than the Musk industrial complex and his ability to get investors all fizzed up over nothing. Last night, the world’s richest man tweeted, “I’m buying Manchester United ur welcome” and waited about five hours before he backtracked, saying it was part of a “long-running joke on Twitter.” Still, the U.K.
“I don’t even watch soccer,” Chandhoke told me in a Twitter DM. A few days before, a notice came across his Bloomberg terminal that a broker was selling a block of about 30,000 options betting that the soccer team’s shares would become more valuable during the next month, and he took it, he said. “Usually there are next to no big trades in $MANU. They stood out and I took them,” he said.
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