GameStop closed 21% higher after jumping more than 70%, as meme stock leader Keith Gill appeared to hold on to a massive position in the video game retailer.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribefell sharply as the world's most populous country began counting votes, with early leads showing a closer than expected race. Both indexes shot toin the video game retailer.
"We're in a higher interest rate environment, which is of course effecting the consumer and as we see rising credit card debt," Simonetti said."The Fed is most likely to wait for the CPI number to get closer to their target data before they are going to move rates, which means it is going to affect the consumer behaviour and corporate earnings.
"We are early in the month of June, its only natural that the market is trading sideways a bit as we're figuring out valuations. And it will be like this until we get into the next earning season," Simonetti warned.CNBC's Jeff Cox, Yun Li, Pia Singh, Brian Evans, Jesse Pound, Alex Harring, Spencer Kimball, Annika Kim Constantino, Christina Cheddar Berk, Sophie Kiderlin, Jorden Novet, Lillian Rizzo, Jennifer Elias, Shreyashi Sanyal and Alex Sherman contributed to this report.
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