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"There are tensions about inflation pressures and the stimulus package certainly adds to that pressure which is shown in the weakness in tech stocks and the Nasdaq," said Robert Pavlik, senior portfolio manager at Dakota Wealth in New York.
Accelerated coronavirus vaccine rollouts and a monster fiscal stimulus on the horizon have raised bets on higher inflation, triggering a spike in Treasury yields that pushed the Nasdaq down as much as 12% from its Feb.
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GameStop shares were up 23.5% to $239.80 in early trading, a day after the company entrusted leadership of its online sales efforts to board member and major shareholder Ryan Cohen, co-founder of online pet retailer Chewy Inc.
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As the drama unfolded from the Discord ban and the Reddit community going on lockdown, GameStop shares fell 32% in after-hours trading late Wednesday, to $218.32 per share, down from $347.51 at their close.
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