FT News Briefing Day traders wreak havoc on hedge fund bets, Wall Street dips, BlackRock’s progress on sustainability
Jan 28, 2021
Amateur stock traders are shaking up Wall Street, causing chaos for hedge funds with surging stock prices of GameStop and AMC. Meanwhile, the Fed's concerns about the economy contribute to a dip in major indexes. The podcast also investigates the landscape of COVID-19 vaccines, highlighting varying efficacy rates and availability issues, especially in developing nations. Additionally, it examines BlackRock's sustainability initiatives amid scrutiny and Walmart's innovative moves to compete in the retail space.
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Day Trader Frenzy
- Reddit day traders targeted hedge funds shorting GameStop, AMC, and BlackBerry.
- Melvin Capital closed its GameStop bet after billions in losses, impacting even European companies.
Market Downturn
- Despite some individual stock surges, the S&P 500 dropped 2.6%, its worst day since October.
- Investors worried about vaccine rollouts and Biden's stimulus plan, seeking safer assets.
Vaccine Disparity
- European countries face political tension due to vaccine shortages, halting vaccinations in some areas like Madrid.
- Meanwhile, Chinese vaccine makers like Sinopharm and Sinovac have shipped millions of doses.