GAMESTOP CORP. The Dow Jones Industrial Average fell for the sixth consecutive day amid a volatile day of trading Thursday.
The blue-chip Dow closed the day down 103.81 points, or 0.33%, after it was up as much as 80 points at session highs, while the Nasdaq Composite eked out gains, closing the day up 0.059%, after it was up 1.6% at session highs.
The S&P 500 fell 0.13% to 3,930.08, its lowest point in 2022, leaving it more than 18% off its 52-week high and on the brink of bear market territory.
The Nasdaq is the only one of the three major indexes that have declined more than 30% from a record high.
"Even if you say we're in a bear market, there's rallies within bear markets that can be very sharp," Truist's
"I think, at least short-term, and given how oversold we are and given that we're starting to see people nibble at some of these areas that have been the most beaten up, I think that's at least a silver lining in a sea of red and gloom over the last couple of days."
Heavily shorted names including popular "meme stocks"
Shares of
Apple stock fell 2.69%, while Amazon and
Multiple factors weighed on the markets Thursday as bitcoin values fell below
Shares of stock trading app Robinhood also more than 30% in after-hours trading as
Meanwhile, the
Investors also still were processing the April Consumer Price Index -- which shows the average change in prices for goods and services -- increased by 0.3% last month, while the increase over the past 12 months was 8.3%.
"Inflation appears to be entrenched within many areas of the economy and regardless if we have witnessed inflation peak, a persistently slow grind lower will be more problematic for the Fed to simultaneously cool inflation without tipping the economy into recession,"
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