Shares of several companies in the retail & apparel sector, including GameStop Corp. GME, are trading higher amid overall market strength as traders assess Fed policy outlook, rising Treasury yields and quarterly earnings reports.
GameStop shares have also experienced marked strength over the past month, trading higher by 60.19%, despite continued concerns over Fed tapering in order to combat inflation. GameStop shares saw heavy volume in March and were trading sharply higher throughout the month after Chairman Ryan Cohen purchased after 100,000 additional shares of the company’s common stock.
Investors continue to assess upcoming corporate earnings in April while a new 2-year high of 2.930% for the U.S. 10-Year Treasury Tuesday has otherwise not impacted the broader market for the session. In general, when interest rates rise, the value of future cash flows is reduced for stocks, which in turn lower the value of the stock.
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According to data from Benzinga Pro, GameStop is trading higher by 6.70% at $150.90.
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