GameStop Corp GME shares are trading lower Monday alongside several other stocks in the broader consumer discretionary sector amid overall market weakness as a rise in bond yields weighs on stocks.
The U.S. 10-Year Treasury note reached new three-year highs last week before pulling back. It's moving higher again Monday, hovering around 2.858% at time of publication. The strength comes as investors continue to assess inflationary pressures.
Investors are also preparing to assess the financial impact stemming from the Russia-Ukraine conflict as a large number of companies are set to report earnings this week.
Twitter philanthropist Bill Pulte also announced that he purchased 430 shares of GameStop Monday for $61,490.
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GameStop is a U.S. multichannel video game, consumer electronics and services retailer.
GME 52-Week Range: $77.58 - $344.66
According to data from Benzinga Pro, the stock was down 6.09% at $141.83 at press time.
Photo: JJBers from Flickr.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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