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The House Financial Services Committee is inspecting how people from Reddit were able to send GameStop to unprecedented highs, squeezing hedge funds like Melvin Capital that had bet against a ‘meme’ stock.
Executives from Robinhood, Melvin Capital and Citadel Securities will testify before a House panel at a February 18. They were at the center of all the stock fuss, that’s why they got into the top of the witness list for the hearing.
Robinhood is a popular retail trading platform, which was blamed for suspending trading in GameStop and other viral stocks. Citadel Securities is a main source of revenue for Robinhood: 20% of all US stocks volume and 39% of all US-listed retail volume. Citadel claimed it “has not instructed or otherwise caused any brokerage firm to stop, suspend, or limit trading or otherwise refuse to do business.”
Melvin Capital was completely damaged by the GameStop increase. The hedge fund bet the ‘meme’ stock would drop, but, as you may know, that forecast was wrong. Melvin started the year with $12.5 billion in assets but lost over a half of that capital in January as retail traders ganged up on hedge funds like Melvin.
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
Last week was not full of events, but we still saw decent moves in the charts of majors, S&P500, NASDAQ, oil, and crypto. The upcoming week will bring even more volatility to your favorite assets!
The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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