GME Jul 2024 31.000 put

Roaring Kitty lawsuit, GDP forecasts dip: Monday's market trends

Yahoo Finance Reporter Josh Schafer joins Asking for a Trend to discuss his key takeaways from the trading day. The Nasdaq Composite (^IXIC) hit a record high in Monday's session despite a higher move in the ten-year Treasury yield. Meanwhile, the GDP forecasts keep falling. The Atlanta Fed's GDPNow forecast is below 2% for the first time this quarter, signaling slowing growth as the Federal Reserve has its eyes on a soft landing. Finally, meme stocks aren't going away. In an SEC filing, "Roaring Kitty" revealed he has a 6.6% stake in the pet care retailer Chewy (CHWY). Gill also faces a class-action lawsuit for his social media posts that fueled GameStop (GME) volatility. For more expert insight and the latest market action, click here to watch this full episode of Asking for a Trend. This post was written by Melanie Riehl