Stock Market News: GameStop shares slump, S&P 500 enters bull market, Tesla’s winning streak
S&P 500 enters new bull market, jobless claims jump, GameStop fires CEO and Ryan Cohen takes over, Carvana recovers and GM, Tesla EV charging deal. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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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.
Laura Buckman/Bloomberg via Getty Images
An auto metric closely watched by the Federal Reserve is showing inflation is coming down.
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 shares are on pace to do something they haven't done since January of 2021 a win for CEO Elon Musk.
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.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| UBER | $39.71 | 0.72 | 1.85 |
| LYFT | $10.45 | 0.15 | 1.46 |
Uber is taking on Hertz and Avis announcing a new initiative that let's car owners rent their vehicles for extra cash.
| 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.
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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