GameStop Soars; Bitcoin Falls

Stock finished mixed Monday. The Dow Jones Industrial Average gained ground, while the S&P 500 and tech-centric Nasdaq tumbled 0.77% and 2.46%, respectively.

Meanwhile, U.S. government bond yields climbed as investors anticipate an impending economic recovery and faster inflation. As of Monday, the yield on the 10-year U.S. Treasury note hit 1.37%, its highest since February 2020 and up from less than 1% at the beginning of 2021.

The Dow Jones Industrial Average rose 27 points, or about 0.09%, to finish at 31,521.

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GameStop shares rise. GameStop Corp. (ticker: GME) climbed Monday after Keith Gill, a trader known as “Roaring Kitty,” said he’d bought an additional 50,000 shares of the video game retailer.

GME ended up more than 13% on the day, hitting $46. While that’s a significant one-day rise, it’s still a far cry from the nearly $500 GME reached during the height of the January Reddit stock trading bonanza.

In a testimony made last week to the U.S. House Committee on Financial Services, Gill reiterated his bullishness on the stock. “I believed — and I continue to believe — that GameStop has the potential to reinvent itself as the ultimate destination for gamers within the thriving $200 billion gaming industry,” he said in his written testimony.

Bitcoin drops after Yellen statement, Musk tweets. Bitcoin had its share of detractors Monday. The cryptocurrency dropped about 6% Monday, at one point falling below $50,000.

This comes after Treasury Secretary Janet Yellen warned investors that Bitcoin could be extremely volatile.

Elon Musk, the CEO of Tesla ( TSLA), also expressed doubts about the value of crypto. He tweeted, “BTC and ETH do seem high lol,” referring to cryptocurrencies Bitcoin and Ethereum.

Earlier this month, Tesla disclosed that it had purchased $1.5 billion in Bitcoin and anticipates accepting Bitcoin payments in the future.

Cruise stocks sail higher. The coronavirus pandemic dealt a sinking blow to cruise lines in 2020. But several cruise stocks moved higher Monday, illustrating a hopeful outlook for travel in 2021.

Royal Caribbean Group ( RCL) gained more than 9% Monday after its CEO announced that early booking data looked positive. Norwegian Cruise Line Holdings ( NCLH) ticked up more than 6% and Carnival Corp. ( CCL) rose more than 5%.

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